According to recently published data highlighted by PayPal, Venmo now has 40 million users on the app — the first time the company has shared this metric. Additionally, Venmo’s total payment volume in Q1 2019 increased 73% year-over-year to $21 billion and is on pace to drive nearly $100 billion in TPV this year.
“We had a great start to the year, with strong growth in revenue, net new active accounts and engagement across our platform,” said PayPal President and CEO Dan Schulman. “We launched new strategic relationships with some of the world’s largest marketplaces and platforms including Instagram and MercadoLibre. We now have 277 million customer accounts, including 22 million merchant accounts and over 40 million active Venmo accounts. We are confident in the 2019 targets we outlined last quarter as we continue to leverage our wide range of unique assets in our global digital payments platform.”
PayPal’s earnings were better than expected, with adjusted EPS of $0.78. Intriguingly, PayPal’s person-to-person volume grew 41% to $42 billion, representing 26% of the company’s total payment volume for the quarter, which increased by 25% to $161 billion.
PayPal’s stock is now up over 28% this year to $110.56, giving the Palo Alto-based company a $128.9 billion market cap.
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