Mobile Payment Startup Venmo Is Killing Cash (2014) - Businessweek
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Venmo was founded by two friends, Andrew Kortina and Iqram Magdon-Ismail, both 31. Venmo happened because of a forgotten wallet. In the spring of 2009, Magdon-Ismail traveled from Philadelphia where he was working at a startup to New York City to hang out with his college buddy Kortina. According to a history of the company that Kortina would later post on his personal website, when Magdon-Ismail arrived in New York, he realized he’d left his wallet at home.The key for PayPal, Jackson says, is to avoid doing to Venmo what EBay did to PayPal: impose its culture and effectively chase away talent. “Product independence is key,” he says. “The way they’ve been doing it is working. So why change it? I would set the expectation early on during the spinoff process that Venmo is sacrosanct.