Like many companies around the world, Venmo is a publicly-traded business. This means that you can buy and sell shares in Venmo, just as you can trade shares in all sorts of businesses. However, you may have trouble recognizing the correct stock symbol because of Venmo's parent company. When Paypal purchased them, the symbol changed, and so it won't appear under its old one. The following is our explanation of what the Venmo stock symbol is today.
Venmo is currently traded under Paypal's stock symbol (PYPL). It is easily recognizable against most other stocks on the market. This is because Venmo's parent company, Braintree, is owned by Paypal. Therefore, Venmo's stock is traded under Paypal's stock symbol.
Why Venmo is Traded Under Paypal's Stock Symbol
The reason that Venmo's stock symbol is Paypal's (PYPL) is, as I mentioned above, because Paypal owns the company. When Venmo first started as a business in 2010, the founders built the service as an alternative point of sale software for their friend. The company quickly grew because of how useful it was for smaller independent companies.
In 2012, Venmo was purchased by Braintree for $26.2 million. Braintree was then acquired by Paypal the following year for $800 million. As a result, Venmo became part of Paypal's portfolio as a publicly-traded company. This is why you can buy stock in Venmo under the stock symbol for Paypal.
Why Should You Invest in Venmo Stock?
Venmo has gone from strength to strength as a company, and they show no signs of slowing down. More and more merchants are beginning to accept the bank's wireless payment functionality. This means that it's only a matter of time before it becomes a payment option on the same level as Apple Pay, or even contactless card technology.
Under Paypal, Venmo has access to almost unlimited resources for growth and stability. This isn't an online bank that could disappear at any moment. It's a genuine competitor in the banking industry and one that many real banks should be threatened by. It even functions with other online banking services such as Chime.
Investing in Venmo stock now will secure you a piece of a lucrative business that is absolutely thriving. That stock will only increase in value over the coming years, particularly if you purchase it soon.
With the coronavirus (COVID-19) pandemic, online services such as Venmo have only become even more paramount to daily life. The public needs stable banks with secure and easy to use online services. Venmo meets these needs and has been providing a form of wireless payment for years already. Not only is this more convenient than chip and pin technology, but it's also more hygienic.
Because of these reasons, Venmo stock will continue to rise in value for the next year, at the very least. Even post-pandemic, Venmo will be a preferable form of payment because it's totally contactless. This is the sort of technology that the public wants to use. As a result, businesses will invest in it more because it will make them more appealing to customers.
To summarize, Venmo stock is traded under Paypal's stock symbol. This is PYPL, and you'll be able to find it on most stockbroker and trading systems. Purchasing stock in Venmo could be one that pays off in the long run. Given the current interests the public and businesses are showing, it only makes sense that technology and companies that provide the sorts of services Venmo does will become more popular over time. Acquiring Venmo stock in 2020 could lead to huge profit margins when it comes to be sold in 2021 or 2022. Just make sure you get the stock symbol right.