Venmo got acquired in 2012 by Braintree. Braintree was acquired in 2013 by PayPal. Thus, Venmo is part of PayPal ecosystem.
Venmo is a peer-to-peer payments app that allows users to share and make payments with friends for a variety of services.
When you send money using your Venmo balance the fees are wained. Thus the service is free. However, the 3% fee applies to credit cards. That is how the company generates revenues.
