Digital payments platform giant PayPal (PYPL) is contemplating making Venmo a standalone business unit. Venmo, with about 100 million users, is one of the biggest peer-to-peer payment networks in the United States. Consequently, as voices around a potential takeover of PayPal gather steam, the management is looking to extract the maximum value from one of its most valuable businesses.
According to the CNBC report, which broke the news, PayPal is searching for a digital banking executive who will head the Venmo segment.
About PayPal
Founded in 1998, PayPal’s operations are simple. It provides a platform to allow customers to send/receive money digitally while also allowing merchants to accept payments online and offline. Its simplicity and reliability have led to it now operating in more than 200 countries and a total market cap of $45.8 billion.
However, a company that had Silicon…
