Last Updated: April 2024
Venmo is a free platform for transferring money digitally between private parties. You can link your credit or debit card to make seamless transactions. Although the app was founded in 2009, it took its creators Andrew Kortina and Iqram Magdon-Ismail 3 years to launch it publicly.
Let’s dive in and look at the Venmo statistics for 2022.
Key Venmo Statistics
- Venmo market share in the payments industry is just 0.85 percent.
- Venmo revenue amounted to $850 million in 2021.
- Venmo usage is increasing Y-o-Y with 70 million active users in 2021.
- Venmo monthly active users counted at 15.3 million in September 2022.
- Venmo user base includes 61% men and 39% women approximately.
- Venmo net worth was estimated at $38 billion in 2020.
- Venmo reviews include a large proportion (98.72%) of positive reviews with an overall rating of 4.7/5 ⭐.
Venmo User Statistics 2022
- Venmo saw over 70 million visits in 2021.
- Venmo had 27.71% more visitors in 2021 as compared to 2020.
- On average, there are 5 transactions by Venmo users every month.
- In the US, more than 2 million merchants accept Venmo.
- The average transaction done by Venmo users every month is $65-75.
- 18% of the total crypto wallet account to Venmo with payment features a wallet.
- Since 2015, Venmo saw 65 million more users growth (2021).
- As per the payment management category, Venmo market share is just 0.85%.
Source: Business of apps, Buy Bitcoin worldwide, Slintel
Venmo Users by Year
Venmo had 70 million active users in 2021.
| Year | Annual Users(mm) |
| 2015 | 3 |
| 2016 | 5 |
| 2017 | 10 |
| 2018 | 23 |
| 2019 | 40 |
| 2020 | 52 |
| 2021 | 70 |
Source: Business of Apps
Venmo Monthly Active Users
Venmo’s monthly active users in September 2022 were 15.3 million.
Source: Similarweb
Venmo App Downloads
Venmo had 1000k app downloads in October 2022.
Source: SensorTower
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Venmo Customer Usage by Industry
Venmo is used majorly by the education industry(113m) and marketing industry(58m)
| Industry | Users(mm) |
| Education | 113 |
| Marketing | 58 |
| Technology | 54 |
| Branding | 45 |
| Social Media | 44 |
| Web Designing | 42 |
| Advertising | 39 |
Source: Sintel
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Venmo Revenue Statistics 2022.
- Venmo contributes 16% of Paypal’s total revenue.
Source: Business of apps
Venmo Annual Revenue
Venmo’s annual revenue was $850 million in 2021.
| Year | Net Worth($mm) |
| 2017 | 160 |
| 2018 | 200 |
| 2019 | 300 |
| 2020 | 450 |
| 2021 | 850 |
Source: Buy Bitcoin worldwide
Venmo Annual Payment Volume
The annual payment volume of Venmo is $200 million, which is 20% of PayPal’s total payment volume.
| Year | Total Payment Volume($bn) |
| 2014 | 2.3 |
| 2015 | 7.5 |
| 2016 | 20 |
| 2017 | 34 |
| 2018 | 62 |
| 2019 | 101 |
| 2020 | 159 |
| 2021 | 230 |
Source: Statista
Venmo Net Worth
Venmo’s net worth was estimated at $38 billion in 2020.
| Year | Venmo Valuation($bn) |
| 2013 | 0.1 |
| 2018 | 15 |
| 2020 | 38 |
Source: Ark-Invest
Venmo User Demographics
- 61% of Venmo’s users are male and 39% are females.
- According to a survey, 32.6% of teenagers use Venmo to pay for drugs.
- 50%(1.4m) of users of Venmo are aged between 25-34 years of age.
- 33% of Venmo’s users are aged between 18 and 24.
Source: Buy Bitcoin Worldwide
Venmo Marketing Distribution
Venmo gains 65.75% of users through direct marketing and 2.05% through referrals.
| Marketing Channels | Visitors(%) |
|---|---|
| Direct | 65.75 |
| Referrals | 2.05 |
| Search | 28.18 |
| Social | 1.89 |
| 1.96 | |
| Display | 0.18 |
Source: Similarweb
Venmo Social Media Traffic
Venmo drives the highest traffic through Youtube(39.30%).
| Platform | Percent traffic |
| Youtube | 39.30 |
| 31.81 | |
| 10.91 | |
| 6.53 | |
| 4.47 | |
| Others | 6.99 |
Source: Similarweb
Venmo Market Share
Venmo has 0.85% of the total market share in the payment management category. Paypal (32%) and Stripe (20.54%) have the largest share in this category.
| Company | Market Share(%) |
| Paypal | 32 |
| Stripe | 20.54 |
| Stripe Connect | 19.62 |
| Adyen | 11.54 |
| Square Point of Sale | 3.38 |
| Braintree | 2.46 |
| Authorize.net | 1.51 |
| QuickBooks GoPayment | 1.29 |
| Venmo | 0.85 |
| WorldPay | 0.65 |
Source: Slintel
Venmo Reviews
Venmo has 4.7⭐ out of 8.7K reviews.
Source: Get App
Venmo Positive and Negative Review Ratio
If we consider 4-5⭐ as positive reviews and 1-2⭐ as negative reviews then Venmo’s positive reviews comprise 98.72%. And negative reviews comprise only 1.28%.
Source: Get App
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Venmo Competitors
Venmo has two strong competitors: The cash app and the Zelle app.
Let’s compare them with Venmo.
Venmo vs Cash App
Just like Venmo, the Cash app is also used to transfer money virtually. Both of these apps charges 3% for credit card-based transfers.
Cash vs Venmo Key Statistics
- Cash app has $1.2 billion annual revenue whereas Venmo has $450 million yearly.
- Cash app has 44 million users whereas Venmo active users are 70 Million.
- 81% of the total revenue of the Cash app is generated from bitcoin and Venmo only generates 18% of its total revenue from bitcoin.
Source: Business of apps, Business of apps
Venmo vs Zelle App
Zelle at the moment does not charge any extra amount for credit card base transactions. Currently, Zelle is ranked 468 in the US whereas Venmo is ranked 556.
Source: Similarweb
Zelle vs Venmo Key Statistics
- Zelle has a $120 billion annual payment volume; Venom has a $200 million annual payment volume.
- By the category “Finance” Zelle is ranked #38 whereas Venmo is ranked #20.
- Zelle is not ranked globally; Venmo is ranked #3078 globally.
Source: Similarweb, Similarweb
Conclusion
By looking at the above Venmo stats for 2022, we can definitely say that Venmo is growing at a fast pace. It had 1 million downloads in September 2022, which clearly shows that consumers are loving the service provided by Venmo.
Furthermore, Venmo is ranked #39 in Google play ranking under all category sections and #3 under Google play finance category section.
So Venmo seems to be growing at a high speed despite having a lot of competitors in the market.
