Braintree Acquires Payment Company Venmo For $26.2M
Braintree is an online payments company that has acquired Venmo for $26.2 million. Venmo is known for setting up person-to-person payments. Venmo currently processes around $10 million per month and is seeing 30% growth per month. Braintree processes payments for thousands of websites and will be getting into the mobile payment space with the acquisition of Venmo. The combined company will now process $4.5 billion per year with $1 billion being in mobile.