Venmo Launches 'Groups' Feature for Managing Group Expenses

New tool allows users to track and settle ongoing expenses within the app, challenging competitors like SplitWise and SettleUp amid calls for increased federal regulation.

Venmo has introduced a new feature called 'Venmo Groups' that allows users to track, manage, and settle group expenses within the app.
The feature automatically calculates individual totals for ongoing group expenses, and users can choose to settle up with other members at any time.
Users can be part of up to 20 groups at a time, and each group can have up to 30 members.
The new feature is seen as a direct competitor to apps like SplitWise and SettleUp, which offer similar services but require an extra step to settle up running tabs.
The introduction of Venmo Groups comes amid calls for increased federal scrutiny of digital wallet and payment services like Venmo, with the Consumer Financial Protection Bureau proposing new rules to ensure these companies meet the same security and regulatory standards as traditional banks.