Difference between revisions of "Venmo"
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| − | '''Venmo''' is a mobile payment application where users can instantly send and receive money through the application to other Venmo users. This is done by either putting money into a Venmo account or linking a bank account or debit card. The money can then be sent from Venmo to a bank account very quickly.<ref>https://venmo.com/about/product/</ref> | + | '''Venmo''' is a mobile payment application where users can instantly send and receive money through the application or web to other Venmo users. This is done by either putting money into a Venmo account or linking a bank account or debit card. The money can then be sent from Venmo to a bank account very quickly.<ref>https://venmo.com/about/product/</ref> [[Braintree]] acquired Venmo in 2012 for $26.2 million.<ref>http://www.bloomberg.com/bw/articles/2014-11-20/mobile-payment-startup-venmo-is-killing-cash</ref> Then, in 2013, PayPal acquired [[Braintree]] for $800 million in an all-cash deal.<ref>http://techcrunch.com/2013/09/26/paypal-acquires-payments-gateway-braintree-for-800m-in-cash/</ref> |
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| + | In Quarter 2 of 2015, company earnings showed that people sent $1.6 billion over Venmo.<ref>http://thenextweb.com/apps/2015/07/16/people-sent-1-6b-over-venmo-in-q2-2015-more-than-double-this-time-last-year/#gref</ref> | ||
==History== | ==History== | ||
| + | The founders of Venmo are Andrew Kortina and Iqram Magdon-Ismail. The two met at the [[University of Pennsylvania]] in 2001 where they were randomly assigned to be each other's roommates. Throughout senior year and a few years coming out of graduation, they began working on various projects and ideas. Venmo was launched in August 2009, however the originally idea was a music startup where people could send a text to a band and then receive an [MP3] via email. The idea for sending payments with technology supposedly came from a night where Magdon-Ismail forgot his wallet and owed Kortina money. The original design was for users to send and receive payments via text message. <ref>http://www.businessinsider.com/venmo-origin-story-facts-andrew-kortina-2014-6</ref> This idea eventually has evolved into Venmo today where users can send money using the mobile application or web. | ||
==Service== | ==Service== | ||
===How it Works=== | ===How it Works=== | ||
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==Security Issues== | ==Security Issues== | ||
==See Also== | ==See Also== | ||
| + | ==References== | ||
Revision as of 05:39, 18 February 2016
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Venmo is a mobile payment application where users can instantly send and receive money through the application or web to other Venmo users. This is done by either putting money into a Venmo account or linking a bank account or debit card. The money can then be sent from Venmo to a bank account very quickly.[1] Braintree acquired Venmo in 2012 for $26.2 million.[2] Then, in 2013, PayPal acquired Braintree for $800 million in an all-cash deal.[3]
In Quarter 2 of 2015, company earnings showed that people sent $1.6 billion over Venmo.[4]
Contents
History
The founders of Venmo are Andrew Kortina and Iqram Magdon-Ismail. The two met at the University of Pennsylvania in 2001 where they were randomly assigned to be each other's roommates. Throughout senior year and a few years coming out of graduation, they began working on various projects and ideas. Venmo was launched in August 2009, however the originally idea was a music startup where people could send a text to a band and then receive an [MP3] via email. The idea for sending payments with technology supposedly came from a night where Magdon-Ismail forgot his wallet and owed Kortina money. The original design was for users to send and receive payments via text message. [5] This idea eventually has evolved into Venmo today where users can send money using the mobile application or web.
Service
How it Works
About Venmo
Security Issues
See Also
References
- ↑ https://venmo.com/about/product/
- ↑ http://www.bloomberg.com/bw/articles/2014-11-20/mobile-payment-startup-venmo-is-killing-cash
- ↑ http://techcrunch.com/2013/09/26/paypal-acquires-payments-gateway-braintree-for-800m-in-cash/
- ↑ http://thenextweb.com/apps/2015/07/16/people-sent-1-6b-over-venmo-in-q2-2015-more-than-double-this-time-last-year/#gref
- ↑ http://www.businessinsider.com/venmo-origin-story-facts-andrew-kortina-2014-6
