SUNNYVALE, CA--(Marketwired - Feb 6, 2014) - PayNearMe, the electronic cash transaction network, today 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.
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. In contrast to outdated, alternative payment methods, consumers don't have to fill-out any forms or wait in long customer-service lines. They can make cash payments 24/7 in less than 60 seconds and have their payments posted immediately to their biller's account. Additionally, PayNearMe offers the only mobile cash-payment option for consumers.
"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 Expands its Presence
Over the past year, PayNearMe has tripled its payment volume by growing in the following categories:
- Rent - Property management companies that use software like AppFolio and RentPaidOnline can now use PayNearMe to make it remarkably simple for property managers to accept rent deposits and monthly rent payments from their cash-preferring tenants. With PayNearMe, property managers never have to manually count, process or reconcile cash or money orders. This efficient solution also eliminates the security risks associated with operating a dropbox, holding cash on-site or carrying it to the bank.
- Utility agencies - Nine California agencies including Glendale Water and Power, Padre Dam Municipal Water District, City of Tracy, Park Water Company, City of Fairfield, City of Santa Rosa, City of Oxnard, Mission Springs Water District and Helix Water District offer their customers the convenient option of making water bill payments in cash. These customers can now pay their bills 24/7 in a matter of seconds instead of taking the time to travel to the water district's office on a weekday to make their payments in person.
- Auto-lending - Hundreds of financial institutions that use loan-servicing software from Shaw Systems, Megasys and Nortridge Software Company can now accept cash payments from millions of borrowers. The integration of PayNearMe into loan servicing software enables cash payments to be processed in the same automated manner as other electronic payments methods.
In addition to strengthening its presence in these markets, PayNearMe is gaining significant traction in new categories such as self-storage, direct selling, auto insurance and banking. PayNearMe is also negotiating with leading companies in healthcare, airlines, tolling, child support and online entertainment.
"PayNearMe's success can be attributed to its unique ability to respond to the latest trends and adapt its solution, giving businesses the options they need to efficiently service a broad economic range of consumers -- not just those who can swipe a credit or debit card," said Michael Moe, Chairman and CEO of GSV Capital. "This additional funding will help accelerate PayNearMe's growth and open the door to even more consumers who need the invaluable option of cash payment."
To learn more about PNM please visit www.paynearme.com
PayNearMe is the electronic cash-transaction network that enables consumers to pay rent and utility bills, repay loans, buy tickets, make online purchases and do much more with cash. Consumers can conveniently make payments on their own schedule and in their own neighborhood in less than a minute at one of over 17,000 trusted locations including 7-Eleven®, Family Dollar® and ACE Cash Express® stores across the United States. For more information, please visit: www.PayNearMe.com