PayPal Holdings Inc mentioned on Friday it was cooperating with the U.S. shopper watchdog concerning a civil investigation demand regarding its app Venmo’s alleged unauthorized fund transfers and collections processes.
The demand from the U.S. Consumer Monetary Safety Bureau was made final month, the digital cost processor mentioned in a regulatory submitting. (https://bit.ly/3tsOHn1)
Venmo is a well-liked cellular app for person-to-person funds in the USA. It competes with apps like Money, which is run by funds processor Sq. Inc.
Within the fourth quarter, Venmo, which has been a part of PayPal since 2013, processed about $47 billion in whole funds quantity, up 60% from final 12 months.