When in the company of millennials, a phrase such as “I’ll just Venmo you the money” is frequently heard. For the unfamiliar (i.e., most of the rest of us), Venmo is the social payments app run by PayPal—and its usage growth is nothing short of spectacular, as shown by the chart below (chart by theAtlas.com). However, despite processing over $27 billion in payments just during the third quarter of 2019, the wildly popular app only managed an annualized revenue run rate of (just) $400 million.
I'll just Venmo you the money
| October 28, 2019