Venmo Revenue and Growth Statistics (2024)

Key Venmo user stats. Includes data on valuation, revenue, investments, number of users, and more.
Last updated on:
December 29, 2023
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Some amazing facts about Venmo

  • Venmo’s value rose from $15 billion in 2018 to $38 billion in 2020, making it one of the most valuable payment companies globally.
  • Venmo’s revenue increased significantly from $850 million in the previous year to $935 million in 2022.
  • As of 2022, Venmo has over 80 million users, consistently growing from 3 million users in 2015 to 70 million in 2021.

Venmo Overview

Venmo at a glance

Venmo is a payment service for sending and receiving money from friends and family. Some transactions, like credit card payments and instant transfers, have fees.

Venmo is social, with comments and emojis. It started as SMS-only but now has more features.

Venmo was acquired by PayPal in 2013 for $800 million and is now valued at $38 billion. Venmo’s revenue has grown rapidly: $160 million in 2017, $200 million in 2018, $300 million in 2019, $450 million in 2020, and $935 million in 2022.

The company aims to generate $2.4 billion in revenue by the end of 2023.

Venmo Valuation

Venmo’s worth climbed from $15 billion in 2018 to $38 billion in 2020, positioning it as one of the most valuable payment companies worldwide.

In 2013, Venmo was procured by PayPal and valued at $800 million, while under the management of Braintree in 2012, it was valued at $26.2 million.

Graphic about Venmo Valuation

Source: CrunchBase

Venmo Revenue

In 2022, Venmo generated $935 million in revenue, which is a significant increase from the previous year when revenue was $850 million.

In 2020, Venmo generated $450 million, while in 2019, it was $300 million. In 2018, Venmo’s revenue was $200 million, and in 2017 it was $160 million.

Graphic about Venmo Revenue

Source: Yahoo Finance

Venmo Funding

Between 2009 and 2011, Venmo successfully raised a total of $1.3 million across three funding rounds.

The first round was a debt financing round, which yielded $100,000. In May 2010, the second funding round was a seed round, which attracted $1.2 million from nine investors.

The third round, announced on August 1, 2011, was a Series-A round that had four investors. However, the amount of money raised in this round was not disclosed.

Source: CrunchBase

Venmo Investors

Lerer Hippeau and RRE Ventures were the only investors who participated in both the Series A and Seed rounds.

The other investors included Accel, Greycroft, Dave Morin, Vayner Media, Founder Collective, and Dustin Moskovitz.

Source: CrunchBase

Venmo Investments

On November 20th, 2018, Venmo invested in Enboarder as part of their Seed Round. This investment was valued at $4 million.

Source: CrunchBase

How Does Venmo Make Money?

Venmo makes money through a variety of channels, such as charging fees for credit and debit card transactions, collecting payments from merchants, facilitating cryptocurrency transactions on the platform, and offering instant transfers that allow users to promptly send Venmo balances to their banks.

Source: Venmo, Yahoo Finance

In which countries is Venmo available?

Please note that currently, Venmo is only available to residents of the United States as of 2023.

Infographic about countries which Venmo is available

Source: Venmo

How many Venmo users are there?

As of 2022, Venmo has surpassed 80 million users, indicating a steady increase in user adoption over the years.

In fact, the number of Venmo users has been growing consistently over the past few years.

There were 70 million users in 2021, 52 million users in 2020, 40 million users in 2019, 23 million users in 2018, 10 million users in 2017, 5 million users in 2016, and 3 million users in 2015.

Notably, the surge in Venmo’s user base can be attributed to its ease of use, convenience, and security features that make it an attractive alternative to traditional banking methods.

Additionally, the app’s integration with various merchants has made it a go-to payment option for many users across different industries.

As Venmo continues to expand its user base, it is expected to revolutionize the way people make financial transactions, particularly among millennial and Gen Z users who are increasingly adopting cashless payment options.

Graphic about number of Venmo users

Source: Insider Intelligence

How many new Venmo users joined in 2022?

In 2022, Venmo added 10 million new users to its user base.

Infographic about number of Venmo users joined in 2022

Venmo Users by Country

As of 2023, Venmo operates solely in the United States and has amassed over 80 million users. These users come from a variety of age groups, genders, and interests.

Although Venmo is limited to the United States, it still receives a small amount of traffic from other countries, such as Canada and Mexico.

Source: Insider Intelligence

Overview of Venmo Usage in the US

How strong is Venmo’s market position in US digital banking?

Venmo holds a relatively strong position in the US digital banking market.

According to a survey conducted in 2022, 32% of online payment users in the country reported using Venmo within the past 12 months.

Additionally, the survey found that 83% of respondents were aware of Venmo, 36% viewed it as a popular option, 27% expressed loyalty to the brand, and 24% reported buzz about the company.

Graphic about Venmo's market position in US digital banking

Source: Statista

What is the number of transactions made in the US using Venmo?

Venmo’s transaction volume in the US has grown rapidly over the past few years.

In 2022, the number of transactions reached $245.3 billion, a 28.3% increase from the previous year. This is part of a trend of impressive growth: in 2021, Venmo recorded $229.6 billion in transactions, representing a growth rate of 186.6% compared to 2020.

Prior to 2021, 2020 saw $159 billion worth of transactions, which is a 226.9% increase from 2019. In 2019, there was $101 billion worth of transactions, which is a 257.8% increase from 2018, and in 2018 Venmo recorded transactions worth $62 billion. In 2017, Venmo had $34.2 billion in transactions.

Graphic about Venmo volume of transactions in US

Source: Statista

How many users are actively using Venmo for transactions?

Venmo has 58 million monthly active users, and each user makes an average of five transactions per month on the app.

The average transaction amount per user is between $65 and $75 per month.

Source: Payment Dive, The Street

Venmo’s downloads count

Venmo has surpassed 10 million downloads on the Google Play Store, demonstrating its widespread popularity among users.

Source: Play Store

Who are Venmo users? (users demography)

Venmo users by gender

Venmo users are split almost evenly between males and females, with males slightly outnumbering females at 52.68% and females representing 47.32% of the user base.

Graphic about Venmo users by gender

Source: Similar Web

Venmo users by age group

The largest Venmo user age group is between 25-34 years old at 27.35%.

The second-largest group is between 35-44 years old at 21.16%. The third-largest group is between 18-24 years old at 18.52%.

Venmo users who are 45 years old and above account for 32.97% of the user base, with users aged 45-54 at 14.79%, users aged 55-64 at 11.29%, and users aged 65+ at 6.89%.

Graphic about Venmo users by age group

Source: Similar Web

Venmo marketing channels overview

Direct sources drive the majority of Venmo’s marketing traffic at 66.85%. Organic search accounts for 25.64% of the traffic. Paid search, social media, and referrals are responsible for only 2.68%, 1.42%, and 1.69% respectively. Mail marketing channels account for 1.66% of the traffic, with display ads contributing the least at only 0.06%.

Graphic about Venmo marketing channels overview

Source: Similar Web

Overview of Venmo’s social media traffic

Facebook and Youtube are the primary social media platforms that drive traffic to Venmo, followed by Instagram and Twitter. In contrast, Reddit and other social media platforms contribute to a relatively smaller proportion of Venmo’s social media traffic.

Graphic about Overview of Venmo's social media traffic

Source: Similar Web

Venmo Review

Based on data from the Google Play Store, Venmo has received a 4.2 rating from a total of 682,000 reviews. Meanwhile, the Apple App Store shows that Venmo has accumulated an impressive 15.3 million reviews with a rating of 4.9.

Source: Play Store, App Store

Who founded Venmo?

Venmo was established by Andrew Kortina and Iqram Magdon-Ismail in 2009.

  • Kortina is an American entrepreneur, software developer, and investor, and he served as Venmo’s Chief Product Officer from 2012 to 2014. Previously, he worked as a software developer at Bit.ly.
  • Magdon-Ismail is also an American entrepreneur who studied computer science and electrical engineering at the University of Pennsylvania, where he met Kortina. He is credited with building the initial version of Venmo’s mobile app and served as the company’s chief technology officer until 2013.

How many people work at Venmo?

Venmo has approximately 742 employees working across various functions including engineering, marketing, finance, operations, and customer service.

Graphic about number of Venmo Employees

Source: Rocket Reach, Zoom Info, LinkedIn, Owler

How many office locations does Venmo have?

Venmo currently has multiple office locations in the United States. These locations include New York, Chicago, San Jose, Chandler, Newton, Omaha, and Scottsdale.

Source: Craft

What other products does Venmo offer to customers?

Venmo offers a range of products and services to its customers, including:

  • Venmo card: These are credit and debit card that allows Venmo users to make purchases using their Venmo balance. Venmo earns a percentage of the interchange fees charged to merchants for processing the transactions.
  • Pay with Venmo: Venmo has partnered with a number of merchants to allow users to make purchases using their Venmo account. Venmo earns a percentage of the transaction fees charged to merchants for processing the payments.

Source: Venmo

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