Venmo just hit an important milestone: the company today announced it crossed $1B worth of transfers in a single month for the first time in January 2016.
Perhaps more notable than the volume of money being thrown around is the speed of its expansion; that number is 2.5 times larger than January of 2015, and 10 times larger than the year before that.
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We reported that the company transferred 1.6B in Q2 2015, but the company today announced that one third of its transfers last year occurred in its last three months, likely due to a holiday surge.
PayPal, which owns Venmo, says that the app is “almost ubiquitous” for users under 30 in the US; with the app continuing to grow so quickly it’s perhaps no surprise the company is looking to start using Venmo for business transactions as well.
➤ A Billion Dollars Was Transferred Over Venmo In January [ExampleSource]