Competitor Profile: Venmo 2025

Competitor Profile: Venmo 2025

Summary

Founded in 2009, Venmo initially allowed users to send money via SMS. In late 2010, a Venmo app was launched-initially offering a payment service focused on P2P payments and simple purchase transactions, such as payments to food trucks. Over the years, Venmo has expanded its use cases, allowing users to make payments to a wider range of both online and offline merchants. Users can top up their accounts and link their app account to their bank account, as well as their credit cards and debit cards. Currently, more than 2 million merchants accept Venmo as a payment option. Venmo was acquired by Braintree for $26.2 million in 2012, before the latter was purchased by PayPal in December 2013. Venmo now operates as a subsidiary of PayPal.

From April 2021, Venmo users were able to buy, hold, and sell select cryptocurrencies via the Venmo platform. In April 2023, Venmo launched Crypto Transfers, enabling users to transfer cryptocurrencies to other Venmo users, PayPal wallets, and other mobile wallets. In May 2023, Venmo introduced the Teen Account for children aged 13 to 17 years old; the account includes a Venmo debit card. In October 2023, Venmo launched a gift card solution via the Venmo app, allowing users to send and receive gifts on special occasions. During the following month, it introduced Venmo Groups, allowing customers to split expenses among group members. In October 2024, Venmo introduced a new feature that allows users to schedule one-time or recurring payments and requests. Users can set up payments for regular expenses such as rent and utilities, choosing the frequency and dates in advance.

The report provides information and insights into Venmo including -

• Detailed insight into its business
• Comprehensive coverage of its products and services
• Comparative assessment with key alternative payment solutions
• Information on its performance highlights revenue model
• The company's important events and milestones

• In July 2016, Several new features on Venmo move out of beta.
• In October 2017, Venmo mobile payment app goes live in the US.
• In July 2020, Venmo introduces QR code payment acceptance across 8,200 CVS retail outlets in the US.
• In May 2023, Venmo launches Teen Account for children between 13 and 17 years of age with a complementary Venmo Debit Card.
• In October 2024, Introduced a new feature that allows users to schedule one-time or recurring payments and requests. Users can set up payments for regular expenses such as rent and utilities, choosing the frequency and dates in advance.

• Learn about company's business proposition, and important achievements regarding product launches, partnerships, mergers, and acquisitions.
• Examine the company’s operational and financial performance and benchmark it against its competitors.
• Detailed insight into company's current products and services mix.

• Gain insights into Venmo's business operations and key events.
• Gain insights into its product portfolio and revenue model.
• Assess the competitive dynamics in the alternative payments industry by comparing its performance against competitors.