Venmo: Cash Is for Losers!

Since starting in 2009, Venmo’s mash-up of personal finance and social media has proven especially compelling to college kids and urban professionals age 30 and younger. The app first took off primarily in large coastal cities such as New York and San Francisco and is now sweeping, smartphone by smartphone, across the rest of the country. Venmo executives decline to disclose how many individuals are using the product, but transaction volume on Venmo is growing fast. In the third quarter of 2014, the company says, it processed $700 million in payments, up from $141 million a year earlier.