Venmo was founded by Andrew Kortina and Iqram Magdon-Ismail as a way for college students to easily send money back and forth via a mobile device. Venmo safely and securely accesses a personal checking account, allowing for easy requests and disbursements. Today, Venmo is one of the most popular services among Millennials, processing $700 million in payments every year across millions of users.
Accel led Venmo's Series A in 2011. The company was acquired by fellow Accel company Braintree in August 2012. Both were acquired by PayPal in September 2013.