|[August 17, 2012]
Braintree Acquires Mobile Payments Platform Venmo
CHICAGO --(Business Wire)--
the fastest growing payments platform for online and mobile commerce,
announced today its acquisition of Venmo,
a mobile and social payment application that makes it seamless for
consumers to make and share payments with their mobile phones. The
addition of Venmo's digital wallet and person-to-person
payment application extends Braintree's payment platform to
consumers for the first time. The Venmo mobile payment application will
make it even easier for consumers to make purchases on their mobile
device and allow Braintree to make it even easier for e-commerce
companies to accept payments on mobile devices.
"The addition of Venmo to Braintree's offering will make it even easier
for developers at e-commerce and m-commerce companies to offer the most
elegant, frictionless, mobile and social purchasing experiences," said
Bill Ready, CEO of Braintree. "More than 20% of e-commerce sessions are
already coming from mobile devices and mobile purchasing experiences
will define the next wave of e-commerce. Braintree and Venmo will
provide a set of tools as important to the next 10 years of e-commerce
as PayPal (News - Alert) was to the last 10 years of e-commerce."
According to Internet Retailer, consumers purchase $10 billion on their
smartphones this year. Braintree is already handling $1 billion in
mobile payments, representing 10% of all mobile commerce transactions.
In addition, Braintree has stored over 30 million credit cards from
consumers who've purchased at merchants using Braintree's payment
gateway and vault. Consumers who have stored their payment
information at one of the thousands of online and mobile applications
that use Braintree will soon be able to utilize the Venmo digital wallet
to pay merchants in just one click. Braintree powers payments for
innovative online and mobile merchants including Rovio/Angry Birds,
Uber, Airbnb, HotelTonight and OpenTable.
"Our goal at Venmo is to build the best mobile payment experience for
consumers," said Andrew Kortina and Iqram Magdon-Ismail, co-founders of
Venmo. "We started with an app for paying friends, and now want to bring
that experience to as many people as possible by enabling other
developers to add Venmo payments inside their apps. Braintree makes it
very easy for developers to accept online and mobile payments, so
working together with Braintree just makes sense."
Braintree is reshaping the payments experience for ecommerce companies,
startups, and developers by providing tools that make it easy to accept
payments. The Venmo team will further expand their mobile payment
application to now provide tools that make it easy for consumers to pay
for any good or service on their mobile device, whether that's one of
their favorite merchants or one of their friends.
"The Venmo team understands how to build rave-worthy experiences for
their users, which is exactly what we at Braintree aspire to do for our
clients," said Bill Ready. "I can't imagine a better fit than Venmo to
help us build the payment platform of the next decade."
Braintree, the web's fastest growing payments platform, powers payments
for innovative and high-growth mobile and online businesses. Braintree
provides an easy-to-integrate API for developers while ensuring the
merchants' end users have a frictionless and secure experience at
checkout. Braintree's full-stack payments solution includes a payment
account, recurring billing, and credit card storage.
Braintree's solution has been proven to scale and support many of the
most discerning, high-growth companies on the web, including Rovio/Angry
Birds, LivingSocial (News - Alert), 37signals, Airbnb, Fab.com, OpenTable, Uber,
HotelTonight, Heroku and GitHub. Founded in 2007, Braintree is now
processing more than $4 billion in annual credit card volume from
thousands of merchants, nearly $1 billion in mobile payments, and its
rapid growth earned it a spot on the 2011 Inc. 500 List as the nation's
47th fastest-growing private company. Braintree was profitably
bootstrapped for four years before accepting a $34 million investment
from Accel Partners (News - Alert) in 2011. Visit us at www.braintreepayments.com
and on Twitter (News - Alert) @braintree.
Venmo lets people make and share payments. The Venmo iPhone
apps connect your phone with your bank accounts, debit cards and credit
cards, so you can instantly send money to anyone. When you receive
money, you can withdraw it to your US bank account overnight.
People all over the United States use Venmo to pay friends for rent,
dinner, drinks, movies, concerts, birthdays, ice cream, laughs, and
anything else. To learn more about Venmo, visit venmo.com.
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