PayPal lays out strategy for Venmo to reach $2 billion in revenue in 2027
Facing competitors like Cash App, Zelle, and Apple Pay, PayPal is focused on expanding Venmo’s role in digital commerce.
At PayPal's first investor day in four years, CEO Alex Chriss will deliver a clear message to shareholders: Venmo isn't just an easy way to split the dinner tab.
Chriss, who took the helm in September 2023, is trying to spur a turnaround at the payments company, and Venmo is a key part of his effort. The company told investors in New York on Tuesday that Venmo can top $2 billion in revenue by 2027. The last time PayPal provided an annual revenue figure for Venmo was 2021, when it was about $900 million.
Venmo hitting $2B by 2027 👀🤔👀 it's official, I'm sure they’re done being the who still owes for pizza app 🤣 and wanna be a real player in online payments. I'm only hoping they don’t start charging fees for everything
For Chriss, Venmo expansion is all part of a broader push to restore consistent, profitable growth after years of turbulence that saw the company's market cap dwindle by more than 80% from mid-2021 through late 2023.
With 90 million U.S. users, Venmo has been a cultural staple for years and has become a verb that's synonymous with sending money to a friend or family member. But monetization has remained a challenge because those transactions generate little revenue.