PayPal Makes Venmo a Standalone Business Unit
Hey FinTech Fanatic!
PayPal’s CEO, Enrique Lores, has told managers that he is reorganizing the firm’s reporting lines to separate Venmo, the popular mobile payments app, from the company’s other operations.
Announced this week, the move aims to supercharge Venmo's growth amid intensifying competition from FinTech upstarts and Big Tech wallets. No longer just a quirky sidekick to PayPal's core ecosystem, Venmo now gets its own dedicated leadership and resources to chase aggressive expansion.
PayPal is looking to recruit a digital banking executive to run the new Venmo segment, said the people, who asked not to be named because they weren’t authorized to speak publicly.
Venmo, with its nearly 100 million users, is viewed as arguably PayPal’s most valuable standalone asset because of its growth prospects. Analysts have said it is a key target for potential acquirers and could attract a premium valuation.
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