![]() ![]() After you create a Venmo account, you’ll have the ability to enter payment information, such as a U.S. ![]() But the question has to be asked, At what cost?Ĭreating an account as well as using the Venmo app is free, so how do they make any money? Luckily for them, the company has developed a strong business model and found a few ways to make some dough. They are making the ease of digital transactions more accessible to everyone. Venmo is part of the movement that is turning smartphones into wallets. Then in 2013, Braintree was bought by PayPal for $800 million. In 2012, Venmo was bought by Braintree for $26.2 million. Since then, the company has had major success. Settling the debt was such an annoyance that the idea almost cemented itself. The final straw that led the two to build Venmo was when Iqram came and visited Andrew, but forgot his wallet. Then, at a jazz show, they both thought about how great it would be to be able to buy an MP3 of one of the band’s songs right over text message. They were initially inspired to create a product that would make transactions easier while helping another friend of theirs set up a yogurt shop. The two were college roommates at the University of Pennsylvania. Venmo was founded in 2009 by Andrew Kortina and Iqram Magdon-Ismail. With the app, one can both request money from another user or send it unsolicited. Venmo is a person-to-person mobile payment app that is available on smartphones, has a user-friendly interface, and is super easy to use. ![]()
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