Braintree, PYMNTS.com’s choice for Best Technology in 2012, has agreed to acquire mobile payment startup Venmo for $26.2 million, the New York Times reports.
Venmo specializes in peer-to-peer money transfers. The company says it processes $10 million in payments each month, and that volume has been growing by roughly 30 percent month-over-month, leading to an internal estimate that it will be processing $250 million annually by year’s end.
Braintree CEO Bill Ready tells the Times that his company is “preparing for the coming wave of mobile commerce,” according to the report. He estimates that more than 20 percent of the payments Braintree processes come from mobile transactions, and says the Venmo acquisition will help his company “take on larger, more established rivals in the online payments industry, including PayPal.”
Read the full story here.
