Fintech giant PayPal said Friday its Venmo app is being investigated by a U.S. consumer watchdog.

  • The company has received a civil investigative demand (CID) from the Consumer Financial Protection Bureau over alleged “unauthorized fund transfers and collections processes” by Venmo, reports Reuters on Friday.
  • A CID is a legal request for records and documents or other information related to an agency investigation.
  • Venmo provides a mobile-based peer-to-peer payments platform with social features.
  • PayPal said last June it would allow users to buy, hold and sell cryptocurrencies on Venmo later this year.