Venmo is the leading provider of peer-to-peer mobile payments in the world, processing over $25BN annually.
The parent company, Braintree, is one of the world’s largest merchant processors, with over $60BN of transaction volume annually. To put this in perspective, Braintree’s revenues and processing volume are bigger than both Stripe and Square combined.
Greycroft participated in Venmo’s Series A round, and was the only new investor in that financing. We helped the company negotiate their credit agreement with Wells Fargo, which persists to this day as the company’s merchant bank, even after the PayPal acquisition. Less than a year after we invested we supported the merger between Venmo and Braintree, creating the largest player on both the consumer and B2B side. We later participated in the Series B in Braintree as well, which was the company’s only primary financing (the earlier Braintree financing, led by Accel, was a secondary transaction).
Braintree was acquired by eBay for $800MM in 2013. It is still one of the largest venture-backed M&A outcomes in the history of Chicago.