Venmo
PayPal-owned; crypto incl. PYUSD.
- Who holds it
- A licensed crypto-asset custodian holds the assets on your behalf — PayPal's US state licenses (money transmitter, NMLS 910457); crypto via NYDFS trust company PayPal Digital.
- The ledger
- The custodian’s books, reconciled against on-chain balances.
- If it fails
- Recovery hinges on the custodian’s solvency and how cleanly client assets are segregated.
Derived from Venmo’s regulation type and custody — a class of protection, not a guarantee. Limits and eligibility vary by scheme, balance and jurisdiction; confirm before you rely on it. What happens if a neobank shuts down →
The facts
| Category | hybrid |
| HQ | New York, US |
| Founded | 2009 |
| Custody | Custodial |
| Regulation type | VASP / MSB / crypto licenses |
| License detail | PayPal's US state licenses (money transmitter, NMLS 910457); crypto via NYDFS trust company PayPal Digital |
| Card | Visa/MC · Debit + credit |
| Cashback | Up to 3% (credit) |
| Stablecoins | Yes |
| KYC | Yes |
| Active regions | North America |
| Countries | United States |
| Founders | Andrew Kortina, Iqram Magdon-Ismail |
| Funding | PayPal (PYPL) |
Verified links: official site ↗ · terms ↗ · privacy ↗ · @Venmo ↗
Common questions about Venmo
What is Venmo?
Venmo is a fiat-and-crypto neobank, headquartered in New York, US and founded in 2009. Your money is held custodially, so Venmo or its partner bank holds the balance and you hold a claim on it. It holds VASP / MSB / crypto licenses (PayPal's US state licenses (money transmitter, NMLS 910457); crypto via NYDFS trust company PayPal Digital).
Does Venmo have a card, and where can you use it?
It issues a Visa and Mastercard debit and credit card. It is available in North America.
Does Venmo require KYC?
Yes. Venmo requires identity verification (KYC) to open an account, as a vasp / msb / crypto licenses.
What does Venmo cost?
From the verified fields: cashback Up to 3% (credit). Cashback and yield are "up to" figures that change constantly and often depend on a paid plan — confirm current terms with Venmo before relying on them.
Head-to-head
Peers
Revolut · Cash App · Mogo · Robinhood · Crypto.com · Coinbase Card
Venmo appears in
Neobanks operating under crypto and money-transmitter licenses (25) · Neobanks available in North America (126) · Neobanks that issue a Visa card (182) · Neobanks that issue a Mastercard (150) · Neobanks in United States (66)
Figures compiled from public sources, for comparison only — not financial advice. "Up to" rates change constantly; always confirm with the issuer. Spotted an error? Suggest a fix.