Enabling Technologies

Your Favorite Social Payments Service Venmo is Down, and for Quite a While Now

MEDICIFounder and Chief Strategy & Innovation Officer

Venmo, the popular peer-to-peer payment service, is suffering from a major outage. The Venmo status page shows that its web interface and API platform are dormant right now. The company is currently working on the fix but there is no certainty as to when the service will be up and running again. The Braintree owned Venmo app allows peer-to-peer money transfer, and is used for splitting checks, rent payment, etc.

Here is an illustration highlighting the current Venmo status page:

venmo outage

The Venmo status page also shows that the service faced an issue some days back that caused some payments and cashouts to not display in a user's feed. It seems more issues have sprung up and have escalated since then, eventually leading to the major outage.

Here’s how the Venmo homepage looks like currently:

venmo outage1

The homepage, however, shows that Venmo is currently down citing system maintenance as primary reason.

Venmo processed more than $900 Mn in transactions during the fourth quarter of 2014, however, they  showed a slower quarter-over-quarter growth. While the company witnessed a growth rate of 50% between Q2 and Q3 of 2014, the growth rate between Q3 and Q4 was only 29%. As reported by BI Intelligence, there are a few possible explanations for this stagnation towards the end of the year. One could be decreased ad spending while another could be the holiday season, which led to a lower number of peer-to-peer transactions.

The following illustration shows the mobile transaction volume trend in Venmo along with quarter wise growth rates. By the end of 2013, when the volume base was still below $400 Mn, Venmo enjoyed increasing quarter-over-quarter growth rates. But in 2014, when the volume base went beyond $500 Mn, the quarter-over-quarter growth rates began showing a downward trend.

venmo chart 27.01.15

Amit Goel

MEDICIFounder and Chief Strategy & Innovation Officer

“Amit Goel is the Founder & Chief Strategy & Innovation Officer for MEDICI. Amit’s vision is to build a strong FinTech market network that involves financial institutions, banks, startups, investors, analysts & other key stakeholders across the ecosystem – helping each one of them in a meaningful way by removing the asymmetry of information and providing a platform to engage & transact.\ \ Amit is passionate about bringing actionable FinTech-focused insights, innovative products & services for the FinTech ecosystem. Some of his work involves startup scores, bank scores/assessments, predictive viewpoints & other innovations that have helped MEDICI’s customers and the ecosystem. He has been named amongst the Top 100 FinTech thought leaders/influencers in the world & Top 10 in Asia multiple times by reputed agencies, consulting firms as well as financial institutions. Amit has built MEDICI (formerly LTP) as a new-age, tech-enabled advisory/research firm, which is now considered the #1 global research & innovation platform for FinTech in the world.\ \ Amit has been writing pioneering viewpoints on financial technology space that have been ahead of the curve since 2010. His data-driven predictions have helped the customers as well as the ecosystem. His past work experience includes a strong background in strategy & market analysis and advisory to clients (from big business houses to Fortune 500 firms) in payments, commerce, financial services & IT/technology. In the past, Amit had also founded a successful consulting & research practice called GrowthPraxis and has worked at Boston Analytics, Frost & Sullivan, and Daimler Chrysler in strategy & research.”