August 14th 2016 was my first day ever in the US. Together with my wife, we decided to fly in two weeks before classes at HBS were supposed to start to get to know Boston, settle in and, most annoyingly, sort out necessities, such as mobile phone numbers and… bank accounts. The latter resulted in particularly many problems, which prompted me to write this piece.
The peer-to-peer money transfer app has changed the way we think about cash and how to spend it.
Venmo’s business and operating models are well-aligned, but the business model has not yet captured much value. It will have to evolve to do so and Venmo has already prepared its operating model to support such a shift.