Congratulations to Venmo on getting their first round of funding, for what seems to be a killer idea. For all the skeptics out there, let’s remember that feeling of being broke and having no immediate resolution. Now, we can all have our rich friends front us the money!

We originally covered them last month and still love the concept.

One quick point regarding Venmo running into problems with “Trust”. The trust factor will be more prominent in lending your friend the money, rather than what company you are going through.

I think these guys just hit a home run and I can’t wait to see how it turns out!

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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