Venmo is getting ready to seal a deal with Synchrony Financial to offer a credit card in a bid to drive new revenue streams; the partnership will aim to launch the credit card in 2019; while Venmo has become one of the most popular financial apps the company is still losing money and is estimated to have an operating loss of $394mn according to Nomura Holdings; the move to launch a credit card is part of a wider strategy by the company to increase revenue drivers, they most recently launched the ability of users to instantly transfer for 1 percent; the company will have competition with Apple and Amazon recently launching credit cards. Source.
