Venmo provides a mobile and text-based peer-to-peer payments service that connects to users' credit cards or bank accounts and adds a social layer with a shareable payment activity feed. The product includes iPhone and Android apps, an activity stream, privacy controls for messages, and a "trusted" contact mechanism that can enable automatic transfers between trusted users. The company had been in private beta but launched a new iPhone app that allows signup without an invite. Venmo does not take a cut of each transaction like PayPal, and the team says businesses could accept Venmo accounts if the service grows. The company has suggested it could monetize aggregated public purchase data for brands and businesses in the future. The team shown in the article includes co-founders Andrew Kortina and Iqram Magdon-Ismail.

Total raised

$1M

Funding rounds

1

Latest round

Seed

Latest activity

Sep 2010