● Iqram Magdon-Ismail (29) and Andrew
Kortina (30) co-founders.
● Released Beta in 2009, public in 2012.
● Braintree purchased in for $26.2 Mil. within 5
● Braintree: Uber, Airbnb, and LivingSocial.
● Financials not released by Braintree.
● $10 million in payments per month.
● Growing at 30% per month, 15% user
● Braintree: $8 Bil. payments annually, $2 Bil.
Social aspect - share with friends.
“News Feed” of transactions.
Building up Venmo money.
Fast, all transactions done overnight.
● Square, PayPal Here, Intuit GoPayement.
○ charge 2.75% - 3.0%
● Google Wallet integration with Gmail.
○ send/receive money through emails
○ no app yet
● Person to Person vs. Customer to Business.
Integration with facebook or email book.
Simplicity of transactions - 4 clicks.
Social media feel - “free money”.
Free to use.
Available with all banks, overnight
● Huge success!
● Plans to pair up with Square or LevelUp to
go B to B and/or Consumer to Business.
● Venmo Touch - integration in other apps.
● Venmo API
● Mobile Payment market to be over $90 bil.
● 256-bit encrypted connections.
○ same method as government information
● Transactions protected by Federal Deposit
● Pass-code to open app.
● Develops graph of patterns in who you’re
friends with and who you pay.
● “It’s an anomaly that PayPal and others tried
to make money from the consumers,”
explained Bill Ready, CEO of Braintree. “We
make money when merchants use us to
accept payment but we don’t charge
consumers for that.”
● Currently only makes money on Business.