Fans Using Venmo to Thank Sports Players and Celebrities Puts the Startup in a Tricky Spot

Venmo users have started to use the payments app to show their appreciation to sports stars or celebrities; in most cases a fan sends a few cents or a few dollars, the practice has helped Venmo increase their user base but can also put them in a precarious position; sports players receiving money for performance can be considered gambling, which is illegal in most states; sending some money to celebrities can open up the platform for fraud as they might not always be sending to a real person but an imposter; this has become a byproduct of how the startup was founded as the social aspect is core to what Venmo does. Source.

Todd is the Chief Product Officer of LendIt Fintech.

He is the host of PitchIt: the fintech startups podcast, a weekly interview show featuring emerging fintech founders and leading venture capitalists.

He is responsible for leading the content team which covers fintech through daily & weekly email newsletters, editorial, virtual events, and in-person conferences.

He has been covering fintech, banking, and venture capital for more than 15 years, including speaking regularly at industry events.

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