Venmo was founded by Andrew Kortina and Iqram Magdon-Ismail, who were roommates at the University of Pennsylvania. While helping a friend open a yogurt shop, the duo realized that most point-of -sale software was terrible. This lead the roommates to seek a possible alternative payment system. While at a jazz concert the two roommates thought it would be convenient if they could by an MP3 of the show instantly via text message. This concept eventually lead to an early Venmo prototype that transferred money through text messages. Eventually this was changed and Venmo became an app of its own. The roommates then raised money through venture capitalists and eventually sold the company to Braintree for $26.2 million. This simple entrepreneurial story shows that something big can result from simply observing everyday problems and attempting to solve them in unique ways.
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Cool to learn more about venmo, because it is definitely something I use in my everyday life.
Had no idea the app started as such a simple idea. Love the app and glad to learn more about it.
I had no idea that Venmo started in Pennsylvania and with such a simple idea. It’s always interesting to hear more about the stories behind the things we use so much in our everyday lives.
It was really interesting to learn that Venmo was started in Pennsylvania! This story was cool to read about, because Venmo is just a convenient technology that people (especially college students) just use and don’t think about how it originated. This is something that I’m sure will be around for a very long time!