PayNearMe has announced that it has closed a $20 million round of financing led by GSV Capital. August Capital, Khosla Ventures, Maveron and True Ventures also participated in the round. PayNearMe will use the funds to continue expansion into existing categories while launching into new vertical markets.
At PayNearMe, we have made it a priority to level the playing field by making it easy for every consumer to participate in the digital economy, even if they prefer to pay for goods and services with cash," said Danny Shader, CEO of PayNearMe. "Our powerful transaction platform adapts to suit the specific needs of a variety of businesses and organizations that want to accept cash payments remotely."PayNearMe is the simplest, quickest, and most convenient way for consumers to pay bills and rent, repay loans, buy tickets and make online purchases with cash. PayNearMe caters to the 60M to 100M Americans who need or prefer to pay with cash. To make a PayNearMe payment, consumers simply bring their payment code to one of over 17,000 participating retail locations, including 7-Eleven® stores nationwide, and pay with cash at the register. Additionally, PayNearMe offers the only mobile cash-payment option for consumers.