51 Venmo Revenue & Users Statistics
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.
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- Venmo annual revenue
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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.