Image via CrunchBase
NY startup Venmo, which lets people send to and receive money from their friends, was purchased for $26.2 million by Chicago based Braintree. Braintree supplies technology to process credit card transactions on mobile phones for such companies as Fab.com, Airbnb, Uber, Hotel Tonight, LivingSocial, and Angry Birds.
They plan to integrate Venmo’s technology into their own software, so that anyone with a Venmo account will be able to pay for items and transitions on the Web and on a mobile phone using their existing Venmo account. Venmo will remain in NY, where it processes around $10 million in payments monthly, a figure that has grown by 30% each month and is expected to reach $250 million annually by the end of 2012.
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