Venmo, owned by PayPal, is launching a new feature that allows users to manage multiple expenses within groups, such as family or roommate finances, club or sports team funds, and community organization expenses. Venmo Groups, available starting today, enables users to track, split, manage, and settle ongoing expenses directly within the Venmo app.
This feature aims to streamline the process of expense tracking and management, replacing traditional methods like spreadsheets or standalone apps for managing various group expenses, such as club activities, trips, or household bills. With Venmo Groups, individuals can easily calculate their share of expenses and settle payments within the familiar Venmo interface.
This new feature may potentially compete with single-purpose apps like Splitwise, which cater to organizing group expenses for activities, travel, or shared living costs. It builds upon Venmo’s existing usage, where friends split bills for meals or outings, and extends to managing a broader range of group expenses officially within the app.
Erika Sanchez, Venmo’s vice president and general manager, stated, “We know managing ongoing expenses in a group can be challenging, in particular when each member covers different costs with different amounts at different times. As one of our most requested features, Venmo Groups offers a seamless solution for users to better track and settle shared expenses in group settings.”
Aside from the convenience of using an app already familiar to many users, the feature allows all group members to participate in expense management, eliminating the need for a single person to track everything. Once a Venmo Group is established, any member can add expenses, view amounts due, and settle payments.
The company anticipates that the feature will appeal to small groups like little league teams, neighborhood supper clubs, and book clubs, bridging the gap between personal and group finances, which are commonly handled through Venmo.
Users can access Groups through the “Me” page in the app. Within the new “Groups” tab, they can create a group, add expenses, and settle payments. The feature will initially roll out to select users today through the Venmo app for iOS and Android, with availability to all users expected in the coming weeks.