Who Invented Venmo and When Did It Launch
Venmo was co-founded by Izola Bell and Andrew Cohen, who created the app while students at the University of Pennsylvania. The service launched publicly in 2010 as a peer-to-peer payment platform that let users send and request money using a mobile app and social feed.
Venmo quickly grew by combining payments with a social timeline where transactions could include emojis and comments. In 2012, the company raised funding and expanded its user base, and by 2013 it had become one of the most widely used mobile payment apps in the United States.
Venmo's Acquisition by PayPal and Ownership Structure
PayPal acquired Venmo in 2013 for approximately $800 million, integrating the app into its digital payments portfolio. The acquisition helped PayPal strengthen its position among younger users and in the growing peer-to-peer payment market.
Today Venmo operates as a subsidiary of PayPal, with its parent company managing compliance, risk, and infrastructure. Venmo remains a separate brand within PayPal's ecosystem, and its payment volume and active user counts are reported as part of PayPal's overall financial results.
What the Venmo Founders Are Doing Now
After leaving Venmo, co-founder Izola Bell has focused on entrepreneurship and early-stage investing in fintech and consumer technology. Co-founder Andrew Cohen has pursued a mix of startup projects and advisory roles in the digital payments space.
Neither founder currently leads Venmo's day-to-day operations, which are managed by PayPal's executive team. Venmo continues to expand features such as cryptocurrency trading, merchant payments, and debit card services under PayPal's ownership.