Popular payment app Venmo has ushered in 40 million users to its platform, its parent company PayPal announced on Wednesday.
Rival Square Cash App has an estimated 15 million users by comparison.
In its first-quarter earnings report, PayPal said it now has a total 277 million total customer accounts — including 22 million merchant accounts.
"We are confident in the 2019 targets we outlined last quarter as we continue to leverage our wide range of unique assets in our global digital payments platform," Dan Schulman, President and CEO of PayPal, said in a press release.
Total payments volume for Venmo grew 73 percent year over year to $21 billion in the first quarter, the company said. The app is on pace to do $100 billion in payment volume this year.
In January, tPayPal reported a break-out fourth quarter for its popular peer-to-peer payment app Venmo. Despite $200 million in annual revenue, Venmo has yet to become a money-maker for PayPal. The company has not given an exact target date for profitability.
"The next phase for us is to get Venmo to break even. And that's not something that's going to happen in the next quarter or two, but there's line of sight to that with what we're doing," PayPal CFO John Rainey said on last quarter's call.
— This is developing news, please check back for updates.
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