# Venmo

> Source: https://docs.barcoder.ai/docs/wallets/venmo
> research date 2026-05-29 · extracted at 2026-10-03
> Publisher: Barcoder — encyclopedia of QR, barcode and payment-code standards

Specifications:
- [Venmo — official](https://venmo.com/)

## Overview

**Venmo** is **the US's defining P2P-payment app**, operated as a **division of PayPal Holdings, Inc.** <sup>[1][1], [2][2]</sup>. Launched **2009 by Iqram Magdon-Ismail + Andrew Kortina**, acquired by Braintree (2012), Braintree acquired by PayPal (2013) — Venmo's quirky cultural-emoji-driven P2P UX defined US peer-to-peer payments. By **2025**, Venmo's **debit card + Pay with Venmo active accounts grew 20%+ in Q4 2024**, with **Venmo revenue +20% YoY in Q1 2025**. PayPal's total payment volume increased **8% to $458.1 billion** with **active accounts of 438 million** (Venmo's user base is approximately **90+ million within PayPal's total**).

Venmo's **social-feed model** — payments visible to friends by default — distinguished it from other P2P apps; in 2023, Venmo made the social feed private-by-default, reducing the social-payment-broadcasting that originally defined Venmo culture.

## History

**2009 — Venmo launches** <sup>[2][2]</sup> by **Iqram Magdon-Ismail + Andrew Kortina**: Initially an SMS-based P2P-payment service.

**2010-2011 — Mobile-app rollout** <sup>[2][2]</sup>: iOS + Android apps.

**2012 — Braintree acquires Venmo** for ~$26.2 million.

**2013 — PayPal acquires Braintree (including Venmo)** for $800 million.

**2017-2020 — Pay with Venmo expansion** <sup>[2][2]</sup>: Merchant payments + Venmo Debit Card launch.

**2019 — Venmo Credit Card launches** (via Synchrony Bank).

**2020-2022 — Crypto trading + business profiles** <sup>[2][2]</sup>: Multi-product expansion.

**2023 — Social-feed default-private change** <sup>[2][2]</sup>: Privacy-policy shift from default-public social feed.

**Q4 2024 — Venmo Debit Card + Pay with Venmo active accounts +20%+ YoY** <sup>[3][3]</sup>.

**Q1 2025 — Venmo revenue +20% YoY** <sup>[3][3]</sup>: Strategic monetization focus paying off.

## Ownership & operator

**Operating entity**: **Venmo** — division of **PayPal, Inc.** (subsidiary of **PayPal Holdings, Inc.**, NYSE: PYPL).

**Founders**: **Iqram Magdon-Ismail + Andrew Kortina** (2009).

**Acquisition chain**: Venmo → Braintree (2012, $26.2M) → PayPal (2013, via $800M Braintree acquisition).

**Regulators**:
- **United States**: state-level money transmitter licenses across all 50 states + **FinCEN** Money Services Business registration.
- **Banking sponsors**: Wells Fargo (Venmo account custodian), Synchrony Bank (Venmo Credit Card issuer).

## Technical integration

Venmo is **US P2P + commerce + crypto + card consumer wallet** <sup>[1][1], [2][2]</sup>:

| Layer | Description |
|---|---|
| **Channels** | Venmo app (iOS + Android) + Venmo Debit Card (Mastercard) + Venmo Credit Card (Visa, Synchrony Bank) + Pay with Venmo button |
| **Identifiers** | Phone number + email + **@venmo-username** + card number |
| **Underlying rails** | **ACH** for bank funding + **Mastercard/Visa** for cards |
| **Crypto** | Bitcoin, Ethereum, Litecoin, Bitcoin Cash, PayPal USD (PYUSD) stablecoin |
| **Social feed** | Default-private since 2023 (was default-public 2009-2023) |
| **Sub-products** | Pay with Venmo (merchant), Venmo Business profiles, Venmo Teen (parent-managed accounts) |

## Users & growth

**US (2024-2025)** <sup>[3][3], [4][4]</sup>:
- **Venmo user base**: ~90 million (within PayPal's 438M total active accounts)
- **Venmo Debit Card + Pay with Venmo active accounts (Q4 2024)**: +20%+ YoY
- **Venmo revenue (Q1 2025)**: +20% YoY
- **PayPal total TPV (recent)**: +8% to $458.1 billion
- **Venmo + Cash App + Zelle + PayPal combined P2P payment volume**: Hundreds of billions annually

## Use cases

**P2P transfers via @venmo-username** <sup>[1][1]</sup>: Cardinal use — US cultural default for splitting bills, paying friends.

**Pay with Venmo at merchants** <sup>[2][2]</sup>: Online + in-store via Venmo Debit Card.

**Venmo Debit Card (Mastercard)** <sup>[2][2]</sup>: Spending Venmo balance anywhere Mastercard accepted.

**Venmo Credit Card (Visa, Synchrony Bank)** <sup>[2][2]</sup>: Credit-card product with cashback.

**Crypto trading (Bitcoin + ETH + LTC + BCH + PYUSD)** <sup>[2][2]</sup>: Multi-asset.

**Direct deposit** <sup>[2][2]</sup>: Salary payments via Venmo.

**Bill-splitting + group payments** <sup>[1][1]</sup>: Iconic US cultural use case.

**Charity donations** <sup>[2][2]</sup>: Many US charities accept Venmo.

## Implementations & partners

**Parent**: **PayPal Holdings, Inc.** (NYSE: PYPL).

**Banking sponsor**: **Wells Fargo** (Venmo account custody) + **Synchrony Bank** (Venmo Credit Card issuer).

**Card-network partners**: **Mastercard** (Venmo Debit Card) + **Visa** (Venmo Credit Card).

**Major US competitors**:
- **[Cash App](https://docs.barcoder.ai/docs/wallets/cash-app)** (Block, Inc.; ~51M MAU; crypto + stocks).
- **[Zelle](https://docs.barcoder.ai/docs/wallets/zelle)** (US bank consortium; 151M+ users; ~$1.2T 2025 volume — direct bank-to-bank).
- **[Apple Pay](https://docs.barcoder.ai/docs/wallets/apple-pay)** Cash (iMessage P2P).
- **[PayPal](https://docs.barcoder.ai/docs/wallets/paypal)** itself (parent; broader online checkout).

**Sister product within PayPal**: **PayPal app** (cross-border; Venmo is US-only).

## Fun facts

- **Founded 2009 by Iqram Magdon-Ismail + Andrew Kortina** as SMS-based P2P.
- **Acquired by Braintree 2012 for $26.2M**, then Braintree acquired by PayPal 2013 for $800M — Venmo came as part of broader Braintree acquisition.
- **Iconic emoji-driven payment-notes** + **default-public social feed** (until 2023) defined Venmo culture.
- **2023 social-feed default-private change** — privacy-policy shift after years of public-feed culture.
- **~90M US users** — defining US P2P-payment platform alongside Zelle + Cash App.
- **"To Venmo" is verb in US English** — "Just Venmo me" colloquial.
- **Venmo Debit Card + Pay with Venmo +20%+ YoY (Q4 2024)** — strategic monetization paying off.
- **PYUSD stablecoin support** — PayPal's stablecoin (issued by Paxos) supported on Venmo.
- **US-only** — vs PayPal-the-parent's 200+ market reach.

## Comparison

| Feature | Venmo | [Cash App](https://docs.barcoder.ai/docs/wallets/cash-app) | [Zelle](https://docs.barcoder.ai/docs/wallets/zelle) | [Apple Pay](https://docs.barcoder.ai/docs/wallets/apple-pay) Cash | [PayPal](https://docs.barcoder.ai/docs/wallets/paypal) |
|---|---|---|---|---|---|
| Operator | **PayPal subsidiary** | Block, Inc. (XYZ) | Early Warning Services (7-bank consortium) | Apple Inc. | PayPal Holdings (PYPL) |
| Country | **US-only** | US-primary + GB | US-only | iOS-tied | 200+ markets |
| Users | **~90M** | 51M+ MAU | 151M+ enrolled | iOS base | 434M |
| Type | **P2P + commerce + crypto + cards** | P2P + crypto + cards + stocks | Bank-to-bank P2P | NFC + P2P (iMessage) | Online checkout + Venmo + Braintree + Xoom |
| Distinctive | Social feed (default-private since 2023) | $cashtag + Bitcoin pioneer | Embedded in bank apps | iOS-ecosystem | Original online wallet |
| Settlement | ACH + cards | ACH + cards + Lightning | Real-time bank-to-bank | Apple Cash + ACH | Multi-rail |

## Status

**Active, US P2P leader within PayPal ecosystem** <sup>[1][1], [3][3]</sup>:
- **Division of PayPal Holdings, Inc.** since 2013 Braintree acquisition.
- **~90M US users** + Debit Card + Credit Card + crypto + Pay with Venmo merchant payments.
- **Q4 2024 Debit Card + Pay with Venmo active accounts +20%+ YoY**.
- **Q1 2025 Venmo revenue +20% YoY** — strategic monetization milestone.
- **PYUSD stablecoin support**.

## Sources

[1]: https://venmo.com/ "Venmo — official"
[2]: https://en.wikipedia.org/wiki/Venmo "Venmo — Wikipedia"
[3]: https://www.sec.gov/Archives/edgar/data/0001633917/000163391725000062/pypl1q-25earningsrelease.htm "PayPal Q1 2025 earnings — SEC"
[4]: https://www.sec.gov/Archives/edgar/data/0001633917/000163391725000017/pypl4q-24earningsrelease.htm "PayPal Q4 2024 earnings — SEC"
[5]: https://www.makemyreceipt.com/reports/peer-to-peer-payment-statistics "P2P payment statistics 2026 — MakeMyReceipt"

- [1] [Venmo — official][1]
- [2] [Venmo — Wikipedia][2]
- [3] [PayPal Q1 2025 earnings — SEC][3]
- [4] [PayPal Q4 2024 earnings — SEC][4]
- [5] [P2P payment statistics 2026 — MakeMyReceipt][5]

## Source

Biography extracted from [venmo.md](https://docs.barcoder.ai/source/wallets/venmo). See `matrix.md` for standards-support matrix if present.