Not too many people know this but when co—founders Andrew Kortina & Iqram Magdon-Ismail were thinking of developing the Venmo business model, they thought of it as a platform to share music. The name was derived from Latin phrase “vendere” that means “sell” & mo stood for “mobile”. The prototype on how does Venmo work was made to pay the amounts via text messages. Pretty soon their inboxes became full of these texts & they realized that their inboxes started to look like a news feed of what they were doing the whole time because it had details of payment followed by a short note of what the payment was made for. This was the idea behind developing the Venmo – a social & digital platform where people could send & receive money & leave cute notes. The idea was to make payments faster and make them sound like conversations. However exciting the idea was, they never received any money from the investors. Thus a friend & his father lend them some money to work on it & this is how they launched Venmo.