Mike Vaughan, COO, Venmo (Code Commerce 2017)

Venmo COO Mike Vaughan talks with Recode’s Dan Frommer about how his company is turning a popular payments app into a real business. Venmo, which is owned by PayPal, processed more than $25 billion in the past four quarters, and Vaughan said it captures the essence of real-world interactions: Friends pooling their money for a gift, roommates paying each other back or parents collecting dues for their kids' soccer teams. The next step for the company is integrating the app with the services that people commonly use it for, as well as turning users' Venmo balance into a debit account they can access via a physical card. Plus: With peer-to-peer payments launching natively in iOS 11, is Venmo under threat from Apple?