Braintree and Venmo, together, have revolutionized mobile commerce by making aspects of the payment process easier and more streamlined for the consumer.
In 2012, we were already investors in Venmo, a money transferring app, when we were introduced to Braintree CEO, Bill Ready. We really liked Bill, a buttoned-up executive who had a clear vision of the future of mobile commerce. While we initially got involved with Braintree through its acquisition of Venmo, we decided to take a chance and invest further in the company despite the fact that, at the time of these investments, it was unclear whether people were going to want to make many of their purchases on their mobile phones. The Venmo team was made up of exceptional product leaders, and their vision to simplify the mobile payment process combined with Braintree’s executive and management team, monetization potential, and growth rate leveraged the growth and transformed the mobile ecosystem.
A catalyst for the next-generation of commerce, Braintree provides the easiest way to pay and get paid across any device. Braintree’s global payment platform powers payments for thousands of online and mobile commerce innovators including Airbnb, Fab, LivingSocial, OpenTable, TaskRabbit and Uber. Merchants in more than 40 countries across North America, Europe and Australia can accept payments in more than 130 currencies using Braintree. Today, Braintree powers single-click purchasing for more than 40 million consumers and its top-rated mobile app, Venmo, gives people an easy way to pay using their mobile devices. Braintree was acquired by PayPal in 2013 and operates as a separate service.