up 10X momentum kicking in
People transferred $1 billion over Venmo in January, the company said today, showing that usage of the mobile money app is still growing fast. The $1 billion in transfers is more than 2.5 times the volume seen in January 2015, and ten times as much as January 2014. In all of 2015, about $7.5 billion was transferred using the app. That looks set to grow to at least $12 billion in 2016 if the January numbers are sustained throughout the year, but could go even higher: Venmo says one-third of its 2015 transfers happened in the final three months of last year, as the holiday season kicked in.