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`Exhibit 5
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`Venmo - Wikipedia
`
`https://web.archive.org/web/20171224110348/https://en.wikipedia.org/wi...
`Case 5:18-md-02834-BLF Document 268-5 Filed 10/25/18 Page 2 of 5
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`Venmo
`
`Venmo is a mobile payment service owned by PayPal. It allows
`users to transfer money (US only) to one another using a mobile
`phone app or web interface. It handled 17.6 billion dollars in
`transactions in 2016[1] and 6.8 billion dollars in transactions in Q1
`of 2017 which more than doubled its volume in Q1 of 2016.[2]
`
`Cash transfers using Venmo are not considered instantaneous and
`can be canceled after an initial transfer is sent. These transfers can
`take one to three business days to transfer. The Better Business
`Bureau reports some scammers exploit this on Craigslist and other
`services.[3]
`
`History
`Service
`Social component
`Questions of security
`See also
`References
`External links
`
`Developer(s)
`
`Initial release
`Platform
`
`Original author(s) Andrew Kortina and
`Iqram Magdon-Ismail
`Venmo, LLC
`(Subsidiary of PayPal)
`2009
`iOS
`Android
`Web
`English
`www.venmo.com
`(https://web.archive.org
`/web/20171224110348
`/http:
`//www.venmo.com/)
`
`Available in
`Website
`
`Venmo was founded by Andrew Kortina and Iqram Magdon-Ismail, who met as freshman roommates at the University
`of Pennsylvania. According to Kortina, the idea of Venmo originated when Magdon-Ismail forgot his wallet during a
`trip to visit Kortina. The process of settling their accounts was a hassle, so they started working on a way to send
`money through mobile devices. Their original prototype sent money through text messages, but they eventually
`transitioned from text messages to a mobile app.[4]
`
`There were three original funding rounds for Venmo[5] before it was acquired in 2012 by Braintree for $26.2 million. In
`2013, PayPal acquired Braintree for $800 million.[4] Prior to October 2015, Venmo prohibited merchants from
`accepting Venmo payments. On January 27, 2016, PayPal announced that Venmo was working with select merchants
`who would accept Venmo as payment. Initial launch partners included meal delivery service Munchery and ticketing
`app Gametime.[6] Now Venmo has begun to roll out the ability for all merchants that currently accept PayPal to
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`Venmo - Wikipedia
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`integrate Venmo as payment. This can potentially reach millions of businesses by the end of 2017 which would help
`Venmo generate revenue and monetize.[7]
`
`Venmo is a mobile payment service that lets users transfer money to each other. It follows a similar business model to
`PayPal. Venmo describes itself as a "digital wallet". Users sign up and create an account by providing basic information
`and bank account information using their mobile app or on the Venmo website and they can find others who have
`created an account. Friends and recipients of transactions can be found via phone number, Venmo username, or email.
`
`Users have a Venmo balance that is used for their transactions. They can link their bank accounts, debit cards, or credit
`cards to their Venmo account. Paying with a bank account or debit card is free, but credit cards have a 3% fee for each
`transaction.[8] If a user does not have enough funds on Venmo itself when making a transaction, it will automatically
`withdraw the supplemental funds from the registered bank account or card.
`
`When users first create an account in a seven day period, total transactions can not exceed $299.99 until identity is
`verified.[9] After identity is verified, users can send up to $2,999.99 each seven day period.[10]
`
`A unique aspect of Venmo is the social interaction; it was created so friends
`could quickly split bills whether that is for movies, dinner, rent, tickets, or
`anything. When a user makes a transaction, the transaction details
`(stripped of the payment amount) are shared on the user's "news feed" and
`to the user's network of friends.[12] This mimics that of a social media feed.
`Venmo encourages social interaction on the application through comments
`using jokes or emojis and to also see what your friends are up to. The social
`component is another reason Venmo gained so much popularity. Early on
`Venmo required new users to sign up through Facebook which made it easy
`to find peers they wanted to pay but also it provided Venmo with a free
`marketing opportunity.[13] The transactions can be made private, but most
`users keep the default and do not change the privacy settings.[14] Venmo
`was not created for transferring money to people you do not know, but
`rather it was designed to transfer money between peers who trust each
`other. Venmo does not have either buyer or seller protection.[15]
`
`Among young people, especially Millennials, "Venmo" is often used as a
`verb with the meaning, "to send money via the Venmo platform."[16]
`
`Venmo has claimed that its security is bank-grade, and that personal and
`financial data are encrypted and protected on secure servers to guard
`against any unauthorized transactions.[17] These security claims have been questioned by journalists, security
`researchers, and the California Department of Business Oversight (DBO).[18][19][20]
`
`Social feed of transactions on
`Venmo[11]
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`Mobile payment
`
`1.
`Intelligence,BI. "Venmo's monetization will be worth watching" (https://web.archive.org/web/20171224110348/http:
`//www.businessinsider.com/venmos-monetization-will-be-worth-watching-2017-1). Business Insider. Retrieved
`14 Jun 2017.
`Gagliordi, Natalie. "PayPal delivers solid Q1, payment volume reaches $99 billion" (https://web.archive.org
`2.
`/web/20171224110348/http://www.zdnet.com/article/paypal-delivers-solid-q1-payment-volume-reaches-99-billion/).
`Retrieved 2017-06-14.
`3.
`"Scammers Use Venmo to Fool Sellers" (https://web.archive.org/web/20171224110348/http://www.bbb.org/council
`/news-events/bbb-scam-alerts/2016/scammers-use-venmo-to-fool-sellers/). Retrieved 2016-10-24.
`Gillette, Felix (November 20, 2014). "Cash Is for Losers!" (https://web.archive.org/web/20171224110348/https:
`4.
`//www.bloomberg.com/bw/articles/2014-11-20/mobile-payment-startup-venmo-is-killing-cash). Bloomberg.
`Retrieved November 13, 2016.
`"Venmo-Funding Rounds" (https://web.archive.org/web/20171224110348/https://www.crunchbase.com
`5.
`/organization/venmo/funding-rounds). Crunchbase. Retrieved 15 June 2017.
`Rao, Leena (January 27, 2016). "You Can Now Use PayPal's Venmo To Pay Merchants" (https://web.archive.org
`6.
`/web/20171224110348/http://fortune.com/2016/01/27/venmo-business/). Fortune.com. Retrieved March 8, 2017.
`Toplin, Jaime. "Venmo makes moves to monetize" (https://web.archive.org/web/20171224110348/http:
`7.
`//www.businessinsider.com/venmo-makes-moves-to-monetize-2017-5). Retrieved June 14, 2017.
`
`"Pricing" (https://web.archive.org/web/20171224110348/https://venmo.com/about/fees/). Venmo.com.8.
`Allan,Patrick (January 11, 2016). "Money Transfer Showdown: Square Cash vs. Venmo vs. PayPal"
`9.
`(https://web.archive.org/web/20171224110348/http://lifehacker.com/money-transfer-showdown-square-cash-vs-
`venmo-vs-payp-1752058723). Retrieved June 23, 2017.
`10.
`"Payment Limits" (https://web.archive.org/web/20171224110348/https://help.venmo.com/hc/en-us/articles
`/221010968-Payment-Limits). Venmo.com.
`"Venmo-Braintree" (https://web.archive.org/web/20171224110348/https://www.braintreepayments.com/features
`11.
`/venmo). Braintree.
`Moorthy, Neelesh (March 25, 2015). "Cash, credit or mobile app: the rise of Venmo" (https://web.archive.org
`12.
`/web/20171224110348/http://www.dukechronicle.com/articles/2015/03/26/cash-credit-or-mobile-app-rise-
`venmo#.VTIK-eGzn6o). The Chronicle. Retrieved April 18, 2015.
`Bird,John (November 4, 2015). "How Venmo Won In One Of The Most Crowded Spaces In Tech"
`13.
`(https://web.archive.org/web/20171224110348/https://techcrunch.com/2015/11/04/how-venmo-won-in-one-of-the-
`most-crowded-spaces-in-tech/). Retrieved June 23, 2017.
`Wener-Fligner, Zach (March 20, 2015). "The emoji of Venmo: food, booze, partying, and, occasionally, rent"
`14.
`(https://web.archive.org/web/20171224110348/http://qz.com/359903/the-emoji-of-venmo/). Quartz. Retrieved
`April 18, 2015.
`
`"Security" (https://web.archive.org/web/20171224110348/https://venmo.com/about/security/). Venmo.com.15.
`FitzGerald, Ray (18 September 2017). "Millennials Help Turn Venmo's Social-Network Influenced, Shared
`16.
`Payment System From an Idea to a Verb" (https://web.archive.org/web/20171224110348/http:
`//www.cardrates.com/news/venmo-makes-payments-social/). CardRates.com. Retrieved 30 October 2017.
`"Venmo: App to make and share payments" (https://web.archive.org/web/20171224110348/http://fiscaltoday.com
`17.
`/venmo-app-make-share-payments/). Fiscal Today. Retrieved 24 June 2015.
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`Venmo - Wikipedia
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`https://web.archive.org/web/20171224110348/https://en.wikipedia.org/wi...
`Case 5:18-md-02834-BLF Document 268-5 Filed 10/25/18 Page 5 of 5
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`"Venmo security: it's not as strong as the company wants you to think" (https://web.archive.org
`18.
`/web/20171224110348/http://www.slate.com/articles/technology/safety_net/2015/02
`/venmo_security_it_s_not_as_strong_as_the_company_wants_you_to_think.html) Slate. 2015-02-01. Retrieved
`2015-10-23.
`19.
`"Security research of a social payment app" (https://web.archive.org/web/20171224110348/https:
`//courses.csail.mit.edu/6.857/2014/files/13-benkraft-jmoldow-mannes-venmo.pdf) (PDF). MIT CSAIL. 2014-05-14.
`Retrieved 2015-10-23.
`"Venmo App: Users Raise Questions About the Security of Peer-to-Peer Money Transfer Service"
`20.
`(https://web.archive.org/web/20171224110348/http://abcnews.go.com/Technology/venmo-app-users-raise-
`questions-security-peer-peer/story?id=29658676). ABC News (USA). 2015-03-18. Retrieved 2015-10-23.
`
`Official website (https://web.archive.org/web/20171224110348/http://www.venmo.com/)
`
`Retrieved from "https://en.wikipedia.org/w/index.php?title=Venmo&oldid=815169408"
`
`This page was last edited on 13 December 2017, at 05:18.
`
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`Foundation, Inc., a non-profit organization.
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