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Venmo Under Investigation by FTC
Saturday, April 30, 2016 17:50
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Venmo, the popular mobile payment app owned by PayPal, revealed in an SEC filing that the Federal Trade Commission (FTC) is investigating Venmo surrounding possible deceptive or unfair trade practices. Venmo revealed that it had received a Civil Investigation Demand in March from the FTC requesting documentation and answers to interrogatories surrounding Venmo’s services.
Venmo indicated that it is cooperating with the FTC, but informed investors that the investigation could potentially lead to enforcement action, operational changes, or substantial costs. Venmo is a free app allowing it’s users to transfer money online to other Venmo users. Paypal acquired Venmo in 2013. In 2015, Venmo processed $7.5 billion in payments/transfers.
Source: http://corporatejusticeblog.blogspot.com/2016/04/venmo-under-investigation-by-ftc.html
