Does PayPal own Venmo?

Could you please clarify the ownership relationship between PayPal and Venmo? I've heard they work closely together but am unsure if PayPal fully owns Venmo or if it's a separate entity with some sort of partnership. Understanding this distinction is important for me as a financial consumer, especially given the popularity of both platforms in the digital payments space. Could you provide a concise yet thorough explanation of the ownership structure between the two companies?