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Venmo Possibly Abolishing the Friendly IOU
by Jenny DeHuff on February 3, 2010
Imagine never having to ask for separate checks at a restaurant, or splitting the bill, four ways, with credit.An innovative pair thought of it first.
Iqram Magdon-Ismail and his partner, Andrew Kortina, found a way to quickly and easily transfer money, amongst friends, co-workers and whomever, without handling cash or IOU’s (I owe yous).
Venmo, (a combination of the words “vendor” and “mobile”) is a website dedicated to helping people transfer money in a method that is quick, easy and paperless.
“We built it because we had a problem,” said Ismail.
“We had no way of exchanging money with each other, except for cash and checks.”
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