In their first quarter earnings call yesterday PayPal revealed the scale of Venmo for the first time; in the past 12 months Venmo had 40 million active users more than the total number of active digital users of every major U.S. bank except JPMorgan Chase; total payments on its platform in Q1 rose 73% to $21.3 billion; revenue generated by Venmo is on pace to total $300 million this year; this could likely increase when they release a co-branded credit card reportedly with Synchrony Financial; there is no official timetable yet for the release of that card. Source.
Peter Renton is the chairman and co-founder of LendIt Fintech, the world’s first and largest digital media and events company focused on fintech. Peter has been writing about fintech since 2010 and he is the author and creator of the Fintech One-on-One Podcast, the first and longest-running fintech interview series. Peter has been interviewed by the Wall Street Journal, Bloomberg, The New York Times, CNBC, CNN, Fortune, NPR, Fox Business News, the Financial Times, and dozens of other publications.