CNBC on PayPal: PayPal is launching a Venmo credit card to help monetize the payment app

From CNBC:

The popular app, owned by PayPal, will offer a Venmo-branded credit card in 2020, the company announced Thursday. Synchrony Financial will handle the banking side of the card.

The app started with peer-to-peer payments and became famous for incorporating a social network with the ability to “like” and comment on friends’ transactions. Venmo has since brought in 40 million users, launched a debit card last year and offers a “pay with Venmo” option with partners like Uber.

“The next natural extension was to have a Venmo credit card,” Darrell Esch, senior vice president of credit at PayPal, told CNBC. “This rounds out what was otherwise a gap with the debit card.”

Venmo was acquired for $26 million by Braintree in 2012, and PayPal bought Braintree a year later. It joins a list of tech names that have offered credit cards to increase profits and engage customers. Apple was the most recent high-profile example in a partnership with Goldman Sachs to launch the Apple Card. Amazon offers credit cards and uses Synchrony for its most recent secured card. PayPal is not a bank, so in order to offer bank-like products, it relies on FDIC-insured Synchrony. It’s an increasingly popular setup for fintech companies that don’t have a bank charter.

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