51 Venmo Revenue & Users Statistics

jordan tuwiner, founder of buybitcoinworldwide.com
by Jordan Tuwiner · September 13th, 2022

Over 70 million people use Venmo, and most users are based in the US.

All of the Venmo statistics on this page are up-to-date.

Continue reading to find new stats, facts, and trends related to:

  • How many users does Venmo have?
  • How much is Venmo worth?
  • Venmo annual revenue
  • Venmo profit
  • When did Venmo come out?
  • Venmo market share
  • Much more

Let’s see some stats!

Key Venmo Statistics:

  1. Venmo made approximately $850 million in 2021, an 88% increase on 2020 revenue.
  2. More than 70 million people use Venmo, and most users are located in the U.S.
  3. In 2021, Venmo processed $230 billion in total payment volume, a 44% increase year-on-year.
  4. Venmo was acquired by Paypal in 2013 for $800 million.
  5. Venmo users average five transactions per month, and the average transaction amount is $65-75 in the U.S.
  6. Over two million merchants accept Venmo in the U.S. as of 2021.
  7. Venmo users account for 18% of the global crypto wallet with payment features market.

Venmo revenue

Venmo annual revenue

Venmo annual revenue increased to $850 million in 2021, up $400 million from the previous year.

Year Revenue
2021 $850 million
2020 $450 million
2019 $300 million
2018 $200 million
2017 $160 million

Venmo annual payment volume

Venmo annual payment volume

Venmo transacted more than $200 billion in payment volume in 2021. That's around 20% of PayPal’s total payment volume.

venmo payment volume
Year Total payment volume
2021 $230 billion
2020 $159 billion
2019 $101 billion
2018 $62 billion
2017 $34 billion
2016 $20 billion
2015 $7.5 billion
2014 $2.3 billion

Venmo users

How many people use Venmo?

More than 70 million people used Venmo in 2021, up from 52 million the previous year.

Year Users
2021 70 million
2020 52 million
2019 40 million
2018 23 million
2017 10 million
2016 5 million
2015 3 million

Venmo valuation

How much is Venmo worth?

Venmo's net worth is estimated at $38 billion, up $23 million from 2018. We couldn't find data for Venmo's valuation in other years.

Year Valuation
2020 $38 billion
2018 $15 billion
2013 $100 million

When did Venmo come out?

Venmo has been around since August 2009. And the company's public launch date was March 2012. It was developed by Iqram Magdon-Ismail and Andrew Kartina. The founders met at the University of Pennsylvania where they were roomates during freshmen year.

when did venmo come out

Venmo user demographics

  • 61% of Venmo’s users are male.
  • 32.6% of millennials said that they used Venmo to pay for drugs.
  • 1.4 million (50%) of Venmo’s active users are aged 25 to 34.
  • Most Venmo users are under 34 years old.
venmo user demographics

Frequently Asked Questions

How many US merchants accept Venmo?

As of 2021, more than two million merchants accept Venmo in the U.S.

number of venmo merchants

How much revenue does Venmo contribute to PayPal’s overall?

Venmo contributes around 16% of PayPal's total revenue.

How many transactions does the average Venmo user do per month?

On average, users average five transactions per month on Venmo.

What is the average transaction amount on Venmo?

The average transaction amount is $65-75 in the U.S.

What is the age demographics on Venmo?

50% of users are ages 25 to 34, and 33% are ages 18 to 24.

What are Venmo's gender demographics?

61% of users are male, 39% are female.

Venmo overview

Total Users 70+ million
Launch date August 2009
HQ New York City, U.S.
People Dan Schulman (PayPal CEO), Mark Britto (CPO)
Industry Finance
Company type Subsidiary
Employees 712

Conclusion

Venmo started out in 2009 as a way for its founders, Andrew Kortina and Iqram Magdon-Ismail to pay eachother without having to write a check or exchange cash.

Venmo uses peer-to-peer technology to allow users to send money online, and it recently started allowing users to hold money in their account.

It took almost three years for the company to launch publicly. Just a few months after it officially launched, the online payments provider Braintree acquired it for $26.2 million.

Just a year later, PayPal acquired Braintree for $800 million, which included Venmo.

Venmo charges a 1% fee for users who want to withdraw money instantly to their linked card. Fun fact: Venmo generates revenue through a 2.9% transaction fee for businesses.

Lastly, the seven largest banks in America launched a competitor to Venmo in 2017, called Zelle. The competitor has gained a stronger foothold in the U.S. market, but hasn't surpassed Venmo in the under 35 age bracket.