20 October 2017
Register now

PayNearMe raises $20m for cash payments network

06 February 2014  |  4376 views  |  0 wallet

PayNearMe, a start-up that lets Americans make purchases online and then pay with cash in real-world stores, has raised $20 million in a funding round led by GSV Capital.

August Capital, Khosla Ventures, Maveron and True Ventures also participated in the round.

While Silicon Valley heavyweights and start-ups are scrambling to develop the latest, coolest mobile-based payments systems, PayNearMe is targeting the tens of millions of underbanked Americans who still need, or prefer, to pay with cash.

Companies such as online retailers, property management firms, utilities, and auto-lenders can join the PayNearMe network, providing customers with a code at the checkout.

The customer then takes the code - either printed out, on a card, or on a mobile app - to participating retail locations, including 7-Eleven stores nationwide, and pays with cash at the register.

Danny Shader, CEO, PayNearMe, says: "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."

In addition to the latest funding, PayNearMe also revealed today that it has struck a deal with the Family Dollar chain of stores, bringing its total network to 17,000 locations throughout the US.

Having seen its payment volume triple in 2013, the company says that it will use the new funding to expand in existing markets while also targeting new areas such as self-storage, healthcare and online entertainment.

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

T-Mobile takes on US banking market

T-Mobile takes on US banking market

22 January 2014  |  10367 views  |  7 comments | 24 tweets | 21 linkedin
Cash and cheques still dominate US P2P payments

Cash and cheques still dominate US P2P payments

15 October 2013  |  7349 views  |  0 comments | 15 tweets | 9 linkedin
Payments in 2022: Cash out, mobile in

Payments in 2022: Cash out, mobile in

19 August 2013  |  16236 views  |  7 comments | 29 tweets | 17 linkedin
Unbanked hungry for mobile money - study

Unbanked hungry for mobile money - study

23 October 2012  |  12052 views  |  0 comments | 16 tweets | 14 linkedin

Related blogs

Create a blog about this story (membership required)
visit www.fivedegrees.nlvisit www.capgemini.comvisit www.niceactimize.com

Who is commenting?

Top topics

Most viewed Most shared
Ripple looks to drive bank adoption with $300m XRP rebate programmeRipple looks to drive bank adoption with $...
15973 views comments | 12 tweets | 4 linkedin
Swift positive on blockchain, but big challenges remainSwift positive on blockchain, but big chal...
9066 views comments | 16 tweets | 23 linkedin
satelliteGates Foundation backs Ripple collaboratio...
8212 views comments | 13 tweets | 10 linkedin
IBM uses blockchain to improve cross-border payments processingIBM uses blockchain to improve cross-borde...
7218 views comments | 9 tweets | 17 linkedin
HSBC partners Bud for open banking trialHSBC partners Bud for open banking trial
6633 views comments | 18 tweets | 25 linkedin

Featured job

Competitive base, double ote, benefits
London, UK

Find your next job