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Launch of Zelle Is Proof That FinTech Firms Have the Power to Sway Big Banks

Since its founding in 2009, Venmo has established itself as one of the premier peer-to-peer money transfer services and one of the most prominent names in FinTech. From its humble beginnings as the brainchild of former college roommates, the app was the first to enable quick and easy money transfer between friends and last year processed $17.6 billion worth of payments, a 135% increase from the previous year. In 2016, Time magazine named it one of the best apps of the year, and in 2017, Fortune magazine named it one of its breakthrough brands. It has, without a doubt, changed the landscape of P2P payments by taking advantage of the inefficiencies of exchanging money with friends via traditional methods offered by the big banks.

Now, however, the big banks have answered; beginning this month,

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