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Most Innovative Companies

Venmo

In 2016, PayPal decided to finally expand Venmo beyond peer-to-peer. Users can now use Venmo to make purchases in other mobile apps. The feature has been rolled out to select apps, including Munchery, Gametime, Parking Panda, Priv, and Poshmark, and Venmo plans a wider expansion soon. This is the first attempt to make Venmo a money generator for PayPal. In 2016, Venmo launched a national ad campaign and had a total payment volume of $17.6 billion.

When Venmo debuted in 2009, it was not the first P2P mobile payment option available, but since then it has certainly become one of the most popular. Venmo was acquired by digital payment process Braintree in 2012, which PayPal bought up the following year. Venmo appeals to users because it offers a speedy, fun way to send money, regardless of bank account. Exchanges can be private or public; users are prompted to include emoji-filled descriptions of transactions, which friends can then “like” or comment on in the app’s social feed.

Awards
2017: Finance
Venmo On The Web
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