PayPal Reveals Venmo Has 40 Million Active Accounts

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.

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