We’re Coming Out of Beta: Social Payments for Everyone!
· by Venmo
Today, we are finally opening up Venmo to the general public. Thanks so much to all of our beta users for all of your feedback and support— we couldn’t have built Venmo without you!
About two years ago, two former college roommates built Venmo because they found that paying friends was an inconvenient, awkward and frustrating experience. They wanted to create an service that made paying your friends simple, fast, fun and easy.
At Venmo, we want to make the payment experience so enjoyable that our users tell their friends about it. Even though we’ve been invite-only up to this point, Venmo is growing tremendously and currently processes $10MM in social payments per month. Our users Venmo each other for dinners, rent, concert tickets, birthday drinks, and sometimes just for laughs.
For us, the most exciting part of creating Venmo is seeing other people use the product the way we do — not simply as a payment service but as a way of expressing, capturing and sharing all of the fun things friends do together. We have been thrilled to see that our users love sharing payment notes with friends, leaving comments, and browsing through their payment histories to relive time spent with friends. With Venmo, every payment tells a story of friendship and shared memories.
To help us make Venmo even better, we have assembled a team of amazing people who are obsessed with building a product that people love. And now, with the support of all of our loyal beta users, a dedicated team, and some great partners (Accel, RRE, Greycroft, and Lerer Ventures) that we brought on last year, we are ready to open up Venmo for everyone to use.
Thanks everyone, and keep sharing the payment love!