VenmoPatrick Renner | EECS 441

● Digital payments that make life easier● Friends, classmates, coworkers, strangers

Products

- Payment via debit/credit, bank account

- Payments to anyone, anytime

Features

- Social news feed

- Privacy settings

- Venmo balance

Platforms

Business Model

- No charge for debit, bank withdrawals

- 3% charge for credit

- Recently allowed merchants to take payments

Pay with Venmo

- Launched in 2016

- Gateway between business and consumers

- 3% charge for merchants

Pay with Venmo

Financials

- 3Q 2016: $4.9B in payments

- Currently no profit

History

Andrew Kortina

Iqram Magdon-Ismail

History - Venmo

- Founded in 2009

- Originally designed for music

- $1.2M in seed funding (RRE, 2010)

History - Braintree

- Founded in 2007

- Mobile/web payment systems

History - Paypal

- Founded in 1998

- Electronic alternative to checks

- Online payments

What’s hot?

- Fast way to send/receive money - 4 clicks

- Large user base

- Convenient

Competition - Peer to Peer

Competition - Peer to Peer

Withdrawal Speed

Payment methods

Social newsfeed

Venmo 1 business day

Credit, debit, bank, Venmo account

Yes

Google Wallet 3 business days

Credit, debit, bank

No

Square Cash 1-2 business days

Credit, debit No

Facebook Messenger

2-3 business days

Debit No

Snapcash 1-2 business days

Credit, debit No

Prediction

- Stiff competition

- Expand into other P2P areas

- As “Pay with Venmo” grows, so will profits

Questions?

Referenceshttps://techcrunch.com/2010/09/16/venmo-1-2-million-iphone/

http://www.investopedia.com/articles/personal-finance/032415/how-safe-venmo-and-why-it-free.asp

http://www.digitaltrends.com/mobile/paypal-vs-google-wallet-vs-venmo-vs-square-cash/

http://stylecaster.com/differences-between-venmo-and-facebook-friend-to-friend-payment-system/

http://www.ibtimes.com/apple-vs-venmo-how-apple-pay-stacks-against-p2p-payment-competition-square-cash-2181788

http://lifehacker.com/money-transfer-showdown-square-cash-vs-venmo-vs-payp-1752058723

http://blog.venmo.com/hf2t3h4x98p5e13z82pl8j66ngcmry?page=6

http://www.fool.com/investing/general/2016/05/23/will-square-cash-or-venmo-ever-become-a-real-busin.aspx

http://www.barrons.com/articles/paypal-has-big-plans-for-venmo-1485532435

http://www.businessinsider.com/venmo-origin-story-facts-andrew-kortina-2014-6