A quarter of users of Venmo are currently using PayPal's Millennial-friendly payment application, which can monetize the financial technology company, said John Rainey, PayPal's chief financial officer, to CNBC on Friday.
"It's a bit of a bend Show us," Rainey told Cramer, whose charitable foundation owns shares from PayPal. "We saw growth of nearly 80 percent in the quarter over Venmo's total volume for the quarter, the second consecutive quarter we've grown at this rate, and we're just thrilled with what we do. "
While Venmo was a major driver for PayPal this quarter, it was not the only gain for the company: the fintech player added 9.1
Rainey said the partnerships would help bring even more customers to the increasingly "relevant" platform PayPal now counts more than a quarter of a million users.
In addition, PayPal still focuses on the approximately two billion people around the world who have no access to financial services that many people take for granted, such as Banking transactions or checking accounts, he said. [1 9659003] "Financial inclusion is part of our mission," he told Cramer Key element of these two billion people is that about 70 percent of them have a mobile device. And this is where our value proposition shines, where we can take the whole power of mobile commerce in hand. "
That, coupled with the almost" viral "popularity of the Venmo app, distinguishes PayPal from traditional financial services companies or even newer FinTech competitors Rainey said
"There are very few companies, Jim, that I would be in the same category as us," said the CFO. "We are a fast-growing company, but also generate a tremendous amount of money for a growth company like ours. "