PayPal Targets $2 Billion in Venmo Revenue by 2027

The company is expanding Venmo's features and merchant partnerships to position it as a comprehensive financial app.

PayPal aims to grow Venmo's annual revenue to $2 billion by 2027, up from approximately $900 million in 2021.
Venmo's expansion includes features like a debit card, in-store purchases, and the 'Pay With Venmo' option for merchants.
The number of merchants using 'Pay With Venmo' increased by 50% in the past year, with partnerships including JetBlue, DoorDash, and Starbucks.
PayPal is focusing on increasing user engagement and encouraging users to keep higher balances within the app for spending and saving.
CEO Alex Chriss is prioritizing profitability and long-term growth, with projections of mid-single-digit user base growth and significant transaction volume increases by 2027.