Venmo processes more than $1 billion in P2P transfers during January
PayPal's social payments platform Venmo says it has processed over $1 billion in payments during the month of January.
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More than just a humble brag, the milestone illustrates Venmo's stratospheric growth over the last two years.
For instance, in PayPal's third quarter, which ended last October, Venmo processed $2.1 billion out of PayPal's $70 billion in total payment volume, an increase of 200 percent over last year.
During PayPal's Q4, Venmo processed $2.5 billion of TPV, up 174 percent year-over-year. When comparing just the months of January, the $1 billion for 2016 is 2.5 times larger than January of 2015, and more than 10 times larger than the year before that.
Unsurprisingly, Venmo has become a growing asset to PayPal, and the company is wasting no time leveraging its growth potential. In January, PayPal expanded the Venmo's social ties by giving users the ability to make in-app purchases via launch partners Gametime and Munchery. PayPal said the pilot program will gradually open to more consumers and merchants with a general public launch later this year.
Venmo came to PayPal by way of Braintree, its payments processing arm. Braintree bought Venmo in 2012 for more than $26 million. A year later, PayPal's then parent company eBay bought Braintree for $800 million.