Venmo

Venmo is primarily a peer-to-peer payment app focused on domestic transfers within the US, which does not align with the core value proposition of Wise, which is international money transfers at mid-market rates. Venmo does not offer multi-currency accounts or mid-market exchange rate transfers. While it has a debit card and business features, its international capabilities are limited, and its fee structure is not based on mid-market rates for cross-border transactions. Therefore, it does not meet the 'must-have' features for a direct competitor to Wise.