Braintree Payments has purchased Venmo, a start-up that enables P2P payments between friends, for $26.2 million. Venmo currently processes approximately $10 million per month, but says that figure is growing 30% a month. By the end of 2012, Venmo expects to process some $250 million annually.
Bill Ready, CEO of Braintree, believes this acquisition will help them to prepare for the future of online payments.
“The shift to mobile is coming and it is coming very quickly…PayPal was built 10 years ago for Web browsers,” said Mr. Ready. “It hasn’t really updated the way people take payments.”
Some 20% of all sales Braintree processes comes from mobile phones.
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