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P2P payment companies, take note. In seeking to assert itself as the undisputed leader in P2P payments, Venmo has announced that, for the first time, it has surpassed $1b in monthly transactions.
Venmo reported $2.5b in transactions for all of Q4 2015 (up 174% on Q4 2014), implying 20% quarter-on-quarter growth at its current $1b monthly run-rate.
The battle for P2P payment supremacy is far from over, with rumours circulating that even Apple is considering entering the fray. However Venmo's announcement does make one wonder if it can't emulate parent company PayPal's dominance in online payments.
For the first time in our history, in the month of January, over $1 billion in payments were made on Venmo. That is over two-and-half times what we saw in January 2015, and more than 10x our volume in January 2014. We thought this was a pretty big milestone, so we wanted to share it with you.
