Kortina: Investors burned over $1B to subsidize Venmo peer-to-peer transactions
Andrew Kortina · Andrew Kortina of Venmo and Fin on Technological Determinism and Work's Relationship to Dignity · Y Combinator · Nov 20, 2018 · at 1:00:32
Venmo co-founder Andrew Kortina reflects on the massive capital investment by Braintree and PayPal required to scale Venmo before merchant monetization.
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“I'm sure it's probably been over, like, a billion-dollar investment now to, like, wire up all these bank handles and subsidize all the peer-to-peer transactions with the hopes of someday turning on Payments to the merchant network”
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