Venmo

Venmo is a mobile payment service owned by PayPal that enables peer-to-peer transfers in the United States. Users can link a bank account, debit card, or rely on a Venmo balance to send money to other users, request payments, or pay for goods and services at merchants that accept Venmo.

Venmo was founded in 2009 by Andrew Kortina and Iqram Magdon-Torres in the United States. It was acquired by Braintree in 2013, which was subsequently acquired by PayPal in the same year. The service added a social feed in 2015 that shows public activity among users, a feature that can be hidden or limited by privacy settings.

Features and funding: Transfers between Venmo users can be funded by a Venmo balance, a linked bank account, or a debit card; funding by a credit card typically incurs a fee. Standard transfers to a bank account are usually free and arrive within one to three business days, while instant transfers incur a processing fee. Venmo also offers a debit card and supports “Pay with Venmo” for purchases at participating merchants.

Privacy, security, and usage: Venmo provides in-app privacy settings to control who can see transactions. The service uses data encryption and security controls, and users can enable additional authentication features in their devices. The platform is primarily aimed at U.S. consumers and has expanded merchant support domestically.

Regulation and business model: Venmo operates as a payment and money-services business under U.S. financial regulations, with revenue largely from merchant transaction fees and processing charges, rather than consumer fees for standard transfers.