Founded in 2009, Venmo started as a simple SMS platform for sending and receiving money and has since evolved into a social payments app. Users can link their bank accounts or debit cards to make and share payments with friends and family, split bills, and make purchases at approved merchants. Venmo allows users to pay for transactions without the need for physical cash and also offers connections with brands and businesses. In 2012, Venmo was acquired by Braintree.