Venmo: A Mobile Payment Service Targeted at Millennials in the US
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Case Code: BSTR577 Case Length: 13 Pages Period: 2010-2019 Pub Date: 2019 Teaching Note: Available |
Price: Rs.400 Organization: Venmo, LLC Industry: - Countries: US Themes: Mobile Payment, Peer-to-Peer payments, Millennial payment, Digital payments, Social Media, Financial Inclusion, P2P payment transfer system, Mobile Payment Service |
Abstract Case Intro 1 Case Intro 2 Excerpts
A Note on Venmo
In early 2009, Andrew Kortina (Kortina) and Ismail, roommates at the University of Pennsylvania, observed the problems caused by traditional point of sales software in carrying out monetary transactions. That motivated them to think about mobile phone-based transactions. In April 2009, the two friends founded a company or payment system under the name Venmo, LLC. The name Venmo was derived from the Latin word "vendere", which meant "to sell", and "mo", meaning mobile. The company allowed people to send small amounts of money to their friends through a text message (for example, payment of US$5 for a beer) and make payments for purchases at approved merchants. Four months after it was founded, i.e. in August 2009, Venmo went online. In September 2009, it raised US$100,000 in debt financing from four investors. Ismail stated, “We were able to garner excitement from investors and then we quickly raised US$100k, which allowed me and Kortina to go full time and, on top of that, hire our first engineer."...
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