Iqram Magdon-Ismail

Iqram Magdon-Ismail is a prominent entrepreneur and technology innovator best known for co-founding Venmo, the popular digital payment platform. Here are key details about his background and career:

Early Life and Education

Iqram Magdon-Ismail was born and raised in Africa, spending his early years in Zimbabwe, Zambia, and Uganda before immigrating to the United States as a teenager.13 He attended the University of Pennsylvania, where he met his future Venmo co-founder Andrew Kortina as a freshman roommate.1

Venmo Success

In 2009, Magdon-Ismail co-founded Venmo with Andrew Kortina.3 The idea for Venmo originated from a personal experience when Magdon-Ismail visited Kortina in New York and forgot his wallet.1 Recognizing this as a common problem, they developed an app that allows users to send money easily via smartphone.

Venmo experienced rapid growth and success:

• Acquired by Braintree in 2012 for $26.2 million3
• Braintree was then acquired by PayPal in 2013 for $800 million1
• Today, Venmo processes over $6.8 billion in payments per quarter3

Post-Venmo Ventures

After leaving Venmo in 2014, Magdon-Ismail has pursued various entrepreneurial projects:

Ense:: In 2016, he founded Ense, a social voice platform that allows users to share information, stories, and conversations through short audio clips.23

Jelly:: Since January 2021, he has been a co-founder at Jelly, though details about this venture are limited.5

Investments:: Magdon-Ismail has invested in startups, including Flowhub, a cannabis industry software company.1

Recognition

• Named one of Inc.'s 30 Under 30 in 201023
• Honored as a "Great Immigrant" by the Carnegie Foundation in 201623

Philosophy and Approach

Magdon-Ismail emphasizes the importance of experimentation, persistence, and following one's instincts in entrepreneurship.1 He believes in the power of technology to connect people and solve universal challenges.34

Iqram Magdon-Ismail continues to be an influential figure in the tech startup world, applying lessons from his Venmo success to new ventures and supporting other entrepreneurs.