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They also charge a 3% fee on money sent using a credit card. Many of my friends just have a balance sitting in their Venmo account because they use it so often
by stevesearer 11y ago
They also charge a 3% fee on money sent using a credit card. Many of my friends just have a balance sitting in their Venmo account because they use it so often to pay for things from rent to groceries to splitting a bill at a restaurant. No idea of the metrics of how much can be made from the interest on those balances though.
- ennuihenry 11y agoThey don't make the 3%, probably like a 1% spread after interchange fees. But they have a huge team, lots of software developers. So they most likely don't make a profit.