Braintree still seeing strong growth as part of PayPal
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Although it's now just one part of PayPal, the once independent payment processor Braintree continues to see strong growth, with revenue up 54% in 2017.
By the numbers: The company is now handling more than 6 billion transactions a year, with more than $500 billion in payment volume handled since PayPal acquired it five years ago.
- That is a "pretty good growth story on a pretty good base,” general manager Juan Benitez told Axios.
Why it matters: Having split from eBay, PayPal is under pressure to find new markets on its own. Units like Braintree and Venmo are key to that growth.
- The unit now has 650 employees, up from 200 five years ago, and the latter figure also included Venmo, which is now counted separately.
- Braintree accepted Bitcoin for a while, but stopped two years ago. "We just did not see a merchant demand for it," Benitez said.