Braintree Buys Venmo for $26.2 Million • Hacker News Board

Re: Braintree Buys Venmo for $26.2 Million

#11

Post by Hovertruck » Thu, Aug 16, 2012, 7:05 PM UTC

Very glad to see this. Venmo is possibly the most useful app on my phone, and one of my favorite products.

Re: Braintree Buys Venmo for $26.2 Million

#12

Post by stephenlambe » Thu, Aug 16, 2012, 7:15 PM UTC

tzaman wrote: post #7

Is it just me or is the number kinda low, based on Venmo's success so far (and the financial predictions)?

They're only processing $10M of transactions/month, so even if they were to start charging fees, that wouldn't translate into much revenue. Agree that this is a great exit for the team.

Re: Braintree Buys Venmo for $26.2 Million

#13

Post by kortina » Thu, Aug 16, 2012, 7:15 PM UTC

ivankirigin wrote: post #2

Congrats Iqram, Kortina, and team!

Thanks, Ivan. For those who are wondering, the Venmo apps aren't going away: http://bit.ly/bt-venmo

Re: Braintree Buys Venmo for $26.2 Million

#14

Post by frankdenbow » Thu, Aug 16, 2012, 7:23 PM UTC

Smart move, Venmo has a pretty solid product. Congrats to their team!

Re: Braintree Buys Venmo for $26.2 Million

#15

Post by antidaily » Thu, Aug 16, 2012, 7:30 PM UTC

acabal wrote: post #3

That's nice, but calling Braintree a startup is quite a stretch. (The article doesn't, it's just the HN headline.)

Yeah, they've been around. And they're hiring 150 people soon.

Re: Braintree Buys Venmo for $26.2 Million

#16

Post by kortina » Thu, Aug 16, 2012, 7:32 PM UTC

kortina wrote: post #13

ivankirigin wrote: post #2

Congrats Iqram, Kortina, and team!

Thanks, Ivan. For those who are wondering, the Venmo apps aren't going away: http://bit.ly/bt-venmo

Woops, that's http://bit.ly/venmo-bt

Re: Braintree Buys Venmo for $26.2 Million

#17

Post by drumdance » Thu, Aug 16, 2012, 8:21 PM UTC

SatvikBeri wrote: post #8

tzaman wrote: post #7

Is it just me or is the number kinda low, based on Venmo's success so far (and the financial predictions)?

There have been several "pay-your-friends" apps that achieve a lot of success for a while because they're free, then lose all momentum when they start charging. I'm not sure if Venmo is in the same boat, but it seems possible.

I remember waaaaay back in the day when PayPal was called Confinity and they were doing this for PalmPilot. They pivoted and the rest is history.

Re: Braintree Buys Venmo for $26.2 Million

#18

Post by jmccaffrey » Thu, Aug 16, 2012, 8:41 PM UTC

Congrats! I went to school in Philadelphia, I think Kortina paid for cheesesteaks at a hackathon once..

Re: Braintree Buys Venmo for $26.2 Million

#19

Post by fredsters_s » Thu, Aug 16, 2012, 9:07 PM UTC

kortina wrote: post #13

ivankirigin wrote: post #2

Congrats Iqram, Kortina, and team!

Thanks, Ivan. For those who are wondering, the Venmo apps aren't going away: http://bit.ly/bt-venmo

Interested in revenue vs exit valuation... Can you say anything about it? The margins must be phenomenally low if the valuation was only 10% of what you process yearly...

Re: Braintree Buys Venmo for $26.2 Million

#20

Post by [deleted] » Thu, Aug 16, 2012, 9:24 PM UTC

[deleted]