Sunil GillVenmo made about $1.7 billion of revenue in 2025, up roughly 20%, and its total active accounts passed 100 million, according to PayPal's fourth-quarter results. For most of its life Venmo was a free way to split dinner that cost PayPal money to run. The 2025 numbers are the first that show it working as a business, and the reason is not peer-to-peer payments at all.
PayPal owns Venmo and reports it inside its own results, so everything here comes from PayPal's SEC filings and earnings calls. PayPal gives growth rates more often than totals, and this report keeps that distinction.
Venmo statistics: the key figures
- About $1.7 billion revenue in 2025, up approximately 20% (PayPal Q4 2025 results).
- Total active accounts surpassed 100 million in 2025; monthly active accounts grew 7% year on year in the fourth quarter.
- Total payment volume grew 14% in 2025 and again 14% in the second quarter of 2026, the seventh straight quarter of double-digit growth.
- Pay with Venmo, the checkout button for online purchases, grew 44% in Q2 2026.
- Monthly active users of the Venmo debit card grew more than 50% in Q2 2026, and that group has roughly doubled in a year.
- Customers who use both the debit card and Pay with Venmo generate more than nine times the revenue of people who only send money to friends (PayPal Q2 2026 call).
- PayPal as a whole had 439 million active accounts and processed $1.79 trillion in 2025.
Venmo revenue
PayPal disclosed Venmo's revenue for the first time in years when it said on its Q4 2025 call that Venmo revenue "grew approximately 20% to $1.7 billion in 2025". Its 10-K adds that revenue from Venmo products and services rose by about $340 million during the year, driven by growth in payment volume and transactions. In the first half of 2026 Venmo revenue rose by another $130 million year on year.
View as table
| Period | Value |
|---|---|
| Total payment volume | +14% |
| Pay with Venmo volume | +44% |
| Debit card monthly actives | +50%+ |
Source: PayPal Q2 2026 earnings call
The money comes from a short list of things that are not free: instant transfers to a bank, the Venmo debit and credit cards, merchant fees when people pay with Venmo at checkout, and business profiles. Sending money to a friend from a balance or bank account still costs nothing, which is why the company's whole strategy is to move users from that free use into the paid ones.
Venmo users
PayPal said in February 2026 that Venmo's total active accounts had passed 100 million, and that monthly active accounts were up 7% year on year in the fourth quarter of 2025. It does not publish a monthly figure, so the "60 million" and "90 million" numbers quoted around the web are estimates or refer to different definitions. The verifiable statement is: more than 100 million accounts active in the past year, growing in the mid-single digits.
What PayPal does break out is the users it cares about:
| Segment, Q2 2026 | Growth, year on year |
|---|---|
| Venmo total payment volume | +14% |
| Pay with Venmo (online checkout) volume | +44% |
| Venmo debit card monthly active accounts | +50% or more |
| Revenue per account, debit card plus Pay with Venmo users vs peer-to-peer only | 9 times higher |
Payment volume
Venmo's total payment volume grew 14% in 2025 and 13% in the fourth quarter, then 14% again in the second quarter of 2026. PayPal no longer reports the dollar figure each quarter, but it has grown at double-digit rates for seven consecutive quarters, well ahead of PayPal's overall volume, which grew 7% in 2025 and 10% in Q2 2026.
The useful comparison is inside PayPal. The company's total payment volume was $1.79 trillion in 2025 across 439 million accounts. Venmo's share of that volume is a small fraction, but its share of PayPal's growth is large, and its revenue is growing far faster than the group's.
What changed in 2025
Three things, all visible in PayPal's own commentary.
- The debit card became the product. PayPal described debit card volume growth accelerating past 50% in late 2025, and in 2026 the number of people using the Venmo card monthly has doubled. A card turns a balance that used to sit idle into interchange revenue on every purchase.
- Pay with Venmo spread across checkouts. At 44% growth it is taking share from other payment methods, in PayPal's words, and it earns a merchant fee on each transaction.
- Marketing followed. PayPal's 2025 marketing spend rose by about $340 million, which it attributes to the "PayPal Everywhere" and "Venmo Everything" campaigns, so the growth was bought as well as earned.
What the numbers mean for app businesses
- A free product with a huge base is worth nothing until there is a paid action beside it. Venmo had the base for a decade; revenue arrived when the card and checkout did.
- Nine times the revenue per user from the people who use two paid products is the number that justifies every onboarding nudge toward the card. Find your equivalent pair.
- Reporting changed with the story. PayPal now leads with growth rates for the products it wants you to notice and no longer quotes monthly users. Read company metrics for what they emphasise as well as what they say.
Comparable figures for the other large US payment app are in the Cash App statistics report, and the wider mobile banking picture in the Chime statistics report.
How these figures are counted
All figures are PayPal's, from its Form 10-K for 2025, its Form 10-Q for the quarter ended June 30, 2026, and its Q4 2025 and Q2 2026 earnings calls. "Active accounts" is an account that completed a transaction in the past 12 months; "monthly active accounts" one that transacted in the month. Total payment volume is the value of transactions completed on the platform. PayPal reports Venmo revenue and volume growth rates in most quarters and the dollar amounts only occasionally, so where a dollar figure is missing above it is because PayPal did not publish one.
FAQs
How many people use Venmo?
More than 100 million accounts were active in 2025, PayPal said in February 2026, with monthly active accounts up 7% year on year. PayPal does not publish a monthly user total, so other figures in circulation are estimates.
How much money does Venmo make?
About $1.7 billion in revenue in 2025, up roughly 20%, according to PayPal. The revenue comes from instant transfer fees, the debit and credit cards, merchant fees on Pay with Venmo and business profiles; sending money to friends from a bank account or balance is free.
Is Venmo growing?
Yes. Payment volume grew 14% in 2025 and 14% in the second quarter of 2026, its seventh straight quarter of double-digit growth. Pay with Venmo grew 44% and debit card monthly users more than 50% in that quarter.
Is Venmo owned by PayPal?
Yes. PayPal acquired Venmo as part of its purchase of Braintree in 2013. Venmo's results are reported inside PayPal's and are not published separately.
Is Venmo bigger than Cash App?
They are hard to compare directly because the companies report different metrics. Venmo has more than 100 million annual active accounts and about $1.7 billion of revenue; Block reports Cash App's gross profit and monthly transacting actives instead. The Cash App statistics report has Block's figures.
Does Venmo make a profit?
PayPal does not disclose Venmo's profit, only its revenue, which was about $1.7 billion in 2025. PayPal's commentary suggests Venmo was loss-making for years as a free peer-to-peer service and that the debit card and Pay with Venmo are what now make it a "monetized commerce platform", but no profit figure has been published.
Sources
- PayPal: Form 10-K for 2025 (active accounts, TPV, Venmo revenue change, marketing spend)
- PayPal: Form 10-Q for the quarter ended June 30, 2026
- PayPal Q4 2025 earnings call, February 2026, as summarised by Yahoo Finance (Venmo revenue, accounts over 100 million)
- PayPal Q2 2026 earnings call, July 2026, transcript via Investing.com (Venmo volume, Pay with Venmo, debit card)
All figures were checked against the sources above on October 6, 2026.