Payment service, PayNearMe, secures $50 million investment to extend operations into additional regions.
PayNearMe, a leading Payment Experience Management provider, has announced a significant milestone in its journey. The company has raised $50 million in its Series E funding round, bringing its total funding to an impressive $168 million since its inception in 2009.
This investment, led exclusively by Atlantic Vantage Point (AVP) via its Growth Fund I, indicates that investors see a promising future in rethinking payments as an experience, rather than just as plumbing.
Founded in 2009, PayNearMe was established with a mission to enable unbanked individuals to transact online by paying with cash at brick-and-mortar retailers. Over the years, the company has expanded its offerings and transitioned from a pure payments processor to a Payment Experience Management provider.
Today, PayNearMe offers a wide range of services, including payment processing, exception management, and diverse payment options for various industries such as banks, toll companies, mortgage servicing companies, online gaming, auto lenders, and buy here pay here payment collectors.
Elizabeth de Saint-Aignan, AVP General Partner and Head of Growth Fund, North America, believes that PayNearMe is uniquely positioned to solve challenges in a space long underserved and overlooked. She stated that PayNearMe's vision and proven execution are changing how non-commerce businesses approach payments.
PayNearMe's CEO, Danny Shader, sees improving payments as a way to help businesses differentiate, drive customer satisfaction, and improve business results. He emphasised that the funds raised will be used to expand into new markets and fuel product offerings.
In line with this, PayNearMe is rebranding its platform as PayXM. The rebranded platform is focused on Payment Experience Management, betting on the next wave of fintech coming from embedding payments to make them invisible, seamless, and integrated into the customer experience.
PayXM aims to make payments seamless, strategic, and embedded across industries, with the ultimate goal of delivering the benefits of Payment Experience Management to more clients and in new markets.
Elizabeth de Saint-Aignan believes that PayXM will help businesses position their payments offering as a strategic driver of customer experience, rather than just a back-office function. She expressed her confidence that PayNearMe is on the right track to revolutionise the payment industry.
With this latest funding round, PayNearMe is poised to continue its growth and innovation, making payments more accessible, seamless, and strategic for businesses and individuals alike.
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