Braintree acquires social payment firm Venmo for reported USD26.2million

Social payments

Digital payments firm, Braintree, is acquiring social payments service, Venmo, in a deal rumoured to be worth around USD26.2million that closed in mid-June. As part of the deal Venmo will continue operating as normal but will now become an independent subsidiary of its new parent. Braintree will however integrate Venmo’s technology into a number of its clients’ products, including Airbnb, Fab and HotelTonight. Based in New York City, Venmo was launched around three years ago but came out of beta a few months ago and claims to be processing around USD100m per month in payments

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