Venmo is an American mobile money transfer service based on P2P peer-to-peer architecture. With it, account holders can instantly send and receive payments through an application on their smartphone. However, both the recipient and the sender must be in the United States. The service was launched in 2009 and aimed to support relatives, acquaintances, and friends who can use it to share funds to pay for tickets, rent, food, films, and more. Money is transferred instantly, and transactions are tracked in the social feed of the application. Andrew Kortina and Iqram Magdon-Ismail organize the service. Now it belongs to PayPal and is adapted for Android and iOS platforms.
Meaning and History
Venmo was created by two friends who met while studying at the University of Pennsylvania when they were still freshmen. They thought about such a service when solving problems with opening a store. It was then that friends realized how difficult it is to use software for commercial enterprises. Once at a jazz show, they figured out how to instantly purchase an MP3 file with just one text message.
The idea got stuck when Iqram Magdon-Ismail forgot his wallet when traveling to a friend. Therefore, they soon began to implement the idea of transferring money using mobile phones. But instead of texting, they had to tackle applications. In 2010, the new company received $ 1.2 million in start-up capital from RRE Ventures. So it got started until it became part of Braintree in 2012, which bought it for $ 26.2 million. And in the winter of next year, the parent organization switched to PayPal, which paid $ 800 million for it.
In 2020, PayPal allowed several cryptocurrencies to be purchased and used through Venmo, including Bitcoin, Litecoin, Bitcoin Cash, and Ethereum. This decision came into force in the first half of 2021. The only limitation is that only select users have access to this function. The rest of the base will be massively connected by developers in the spring and summer. For security, PIN codes will be used as before.
For its own identity, the payment service has chosen an inconspicuous and strict sign of personal identity, consisting of text. This was done for promotional and informational purposes to be better remembered for the new organization’s name. Therefore, it only has one logo.
Font and Colors of the Emblem
A square occupies the upper part with rounded corners. It is colored light blue and is located in the middle. Inside is a white “V” made up of wide lines. Its left side is flat, the right side is curved, with a slight rounding at the top. Because of this protrusion, her legs do not coincide slightly in height. The lower part of the letter is not pointed, as usual, but is cut off, which gives it a stable platform. She personifies the strength and reliability of the payment system.
The full name of the service is located under the icon. It is executed in wide-format lowercase characters. The letters are located optimally relative to each other (not close or wide); therefore, they read very well. The name “Venmo” has a slight slope to the right, except the “V,” which matches the graphic symbol exactly.
The logo uses a typeface Helvetica Neue with minimal adjustments as the designers turn the “V” into an icon. It’s a sleek bold sans serif typeface.
The basic logo palette is a combination of blue and white. In the upper part, blue is the background for the white letter, and in the lower part, on the contrary, the blue inscription is located on a white background.