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PayPal leans on Venmo for growth

March 6, 2023

PayPal is counting on its peer-to-peer tool Venmo to drive more use of the company’s digital payments services, with the two operations expected to converge in about a year.

That’s the timing outlook provided by PayPal Senior Vice President Doug Bland, who oversees the company’s consumer services. PayPal absorbed Venmo when it bought Braintree in 2013 (Braintree had acquired Venmo a year earlier), allowing it to draw Venmo’s younger set of users into its PayPal fold.

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