PayNearMe Thursday announced it has closed $45 million in funding led by Queensland Investment Corporation, with participation from True Ventures, Costanoa Ventures, August Capital, DNS Capital, Invicta Management and H. Barton Asset Management.
The Santa Clara, California-based fintech payments company will use the funding to accelerate growth, develop its payments platform, and increase data-driven value for clients.
“We’ve been impressed with PayNearMe’s performance and breakout success,” said QIC Partner Matt Diestel in a statement. “Payments data is the next emerging opportunity for businesses, and PayNearMe is enabling its clients to access that data and leverage it as a strategic asset. The company’s innovation is extremely powerful and will, no doubt, transform the payments industry.”
Through data access, PayNearMe’s clients can create personalized experiences for customers, increase operational efficiency, and find new revenue streams. PayNearMe focuses on creating more value for clients and partners while expanding its offering into new vertical markets.
“Our growth has continued to accelerate as we serve the needs of more and larger clients,” said PayNearMe CEO Danny Shader. “This investment enables us to deploy additional resources to increase the rate of innovation for our clients, allowing us to support the increasing demand for frictionless payments in new and existing vertical markets by developing features that deliver value across the full payment experience.”
PayNearMe processes payment types including Apple Pay, Google Pay, PayPal, Venmo, cards and ACH, and has enabled cash payments through its proprietary cash network since 2009. PayNearMe cash payments are accepted at more than 40,000 retail locations in the U.S., including participating 7-Eleven, Walmart, Family Dollar, Casey’s General Stores, and ACE Cash Express.
