Venmo payments app now has digital user base bigger than Square and the banks, but no plan to profit
The 40 million users disclosed for the first time by Venmo, PayPal's millennial-focused, peer-to-peer payments app, outnumbers most of big banks' digital users and rival Square, run by Twitter CEO Jack Dorsey, which reported 15 million monthly active users for its Cash App as of December.
PayPal CFO John Rainey told CNBC on Thursday that Venmo won't make money this year and profits are"not something we put a timeframe on." "Venmo continues its significant momentum," PayPal CEO Dan Schulman said on a call with analysts."As user growth continues to accelerate, merchants are increasingly turning to Venmo as a way to attract a valuable and engaged consumer base."
The PayPal CFO said as eBay — which PayPal was once part of before being spun off — becomes"the declining part of its business," it is newer marketplaces like Instagram Shopping where the growth will come."Instagram Shopping is our future. We want to continue to partner with these large and fast growing marketplaces."
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