Venmo patrick renner-company-report
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Transcript of Venmo patrick renner-company-report
![Page 1: Venmo patrick renner-company-report](https://reader031.fdocuments.in/reader031/viewer/2022021918/5899bb3d1a28aba11e8b7051/html5/thumbnails/1.jpg)
VenmoPatrick Renner | EECS 441
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● Digital payments that make life easier● Friends, classmates, coworkers, strangers
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Products
- Payment via debit/credit, bank account
- Payments to anyone, anytime
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Features
- Social news feed
- Privacy settings
- Venmo balance
![Page 5: Venmo patrick renner-company-report](https://reader031.fdocuments.in/reader031/viewer/2022021918/5899bb3d1a28aba11e8b7051/html5/thumbnails/5.jpg)
Platforms
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Business Model
- No charge for debit, bank withdrawals
- 3% charge for credit
- Recently allowed merchants to take payments
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Pay with Venmo
- Launched in 2016
- Gateway between business and consumers
- 3% charge for merchants
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Pay with Venmo
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Financials
- 3Q 2016: $4.9B in payments
- Currently no profit
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History
Andrew Kortina
Iqram Magdon-Ismail
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History - Venmo
- Founded in 2009
- Originally designed for music
- $1.2M in seed funding (RRE, 2010)
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History - Braintree
- Founded in 2007
- Mobile/web payment systems
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History - Paypal
- Founded in 1998
- Electronic alternative to checks
- Online payments
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What’s hot?
- Fast way to send/receive money - 4 clicks
- Large user base
- Convenient
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Competition - Peer to Peer
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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
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Prediction
- Stiff competition
- Expand into other P2P areas
- As “Pay with Venmo” grows, so will profits
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Questions?
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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