Become a Sponsor. Based in New York City, Andrew Kortina is a tech entrepreneur who is most well-known for co-founding Venmo, the popular mobile payments company. Together with his college roommate Iqram Magdon-Ismail, Kortina founded Venmo in with the intention of providing a more accessible way for users to exchange money via text messaging and smartphones. Prior to founding Venmo, Kortina studied at the University of Pennsylvania, which is where he was randomly paired with Magdon-Ismail in the forms. After college Kortina worked at Bit. In , Kortina and Magdon-Ismail launched Venmo as a music startup that allowed people to send a text to a band to have a song show up in their email. The switch from a music app to a payment app came when Magdon-Ismail was visiting Kortina in NYC and accidentally left his wallet in Philly.
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I often speak about the origins of Venmo in person and finally wrote down the story here to share with our latest intern class that started this week. You can also watch an excellent video of Iqram speaking about even more of the history of Venmo here. My friend Iqram and I started Venmo to solve a very simple problem for ourselves and for our friends: we noticed that we were still using cash and checks to pay each other back and thought this was silly. Everyone should be using PayPal to pay each other back, but no one we knew was. This is the story of how we got to Venmo. Iqram and I met as randomly paired freshman year roommates at the University of Pennsylvania in
Venmo is a mobile payment service owned by PayPal. Venmo account holders can transfer funds to others via a mobile phone app; both the sender and receiver have to live in the U. By default, Venmo publishes every peer-to-peer transaction excluding the amount , a feature which was shown by researchers to reveal sensitive details about users' lives in some situations. In , the company settled with the FTC about several privacy and security violations related to this and other features, and made changes to the corresponding settings, but it continued to attract criticism for exposing users to privacy risks. Since , cash transfers using Venmo have not been instantaneous and could be canceled after an initial transfer is sent. Like traditional wire transfers , they can take one to three business days to become final. In January ,  PayPal rolled out an instant transfer feature on Venmo, allowing users to deposit funds to their debit cards typically within 30 minutes. The standard bank transfer typically completed within 1—3 business days is available for no fee. Users can create an account via a mobile app or website and provide basic information and bank account information. One must have a valid email address and an American mobile phone number to use Venmo.
Subscriber Account active since. The whole thing is worth a read, but here were the 13 most fascinating things that we learned from Venmo's orgin story:. Business Insider logo The words "Business Insider". Close icon Two crossed lines that form an 'X'. It indicates a way to close an interaction, or dismiss a notification.