Venmo Revenue and Usage Stats 2023

Last Updated: June 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 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. 

YearAnnual Users(mm)
20153
20165
201710
201823 
201940
202052
202170

Source: Business of Apps

Venmo Monthly Active Users

Venmo’s monthly active users in September 2022 were 15.3 million.

Venmo monthly active visitors

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)

IndustryUsers(mm)
Education113
Marketing58
Technology54
Branding45
Social Media44
Web Designing42
Advertising39

Venmo user by industry

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.

YearNet Worth($mm)
2017160
2018200
2019300
2020450
2021850

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.

YearTotal Payment Volume($bn)
20142.3
20157.5
201620
201734
201862
2019101
2020159
2021230

Source: Statista

Venmo Net Worth

Venmo’s net worth was estimated at $38 billion in 2020.

YearVenmo Valuation($bn)
20130.1
201815
202038

venmo net worth

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 ChannelsVisitors(%)
Direct65.75
Referrals2.05
Search28.18
Social1.89
Email1.96
Display0.18

Source: Similarweb

Venmo Social Media Traffic

Venmo drives the highest traffic through Youtube(39.30%).

PlatformPercent traffic
Youtube39.30
Facebook31.81
Reddit10.91
Twitter6.53
Instagram4.47
Others6.99

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. 

CompanyMarket Share(%)
Paypal32
Stripe20.54
Stripe Connect19.62
Adyen11.54
Square Point of Sale3.38
Braintree2.46
Authorize.net1.51
QuickBooks GoPayment1.29
Venmo0.85
WorldPay0.65

Venmo market share

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.