Payments firm PayNearMe raises $50m to fuel expansion

Fintech firm PayNearMe has secured a $50m Series E investment from Atlantic Vantage Point (AVP) to accelerate its expansion into new markets and further develop its payment technology platform.

The California-based company has become a key payments partner for the iGaming and online sports betting industries, but also services sectors such as consumer lending, property management, and tolling.

“PayNearMe has redefined what it means to deliver a modern payment experience,” said Elizabeth de Saint-Aignan, general partner and head of growth fund, North America at AVP.

“The company is uniquely positioned to solve challenges in a space long underserved and overlooked. We’re excited to support them in this next stage of growth.”

Founded in 2009, PayNearMe has built its reputation on what it calls Payment Experience Management, a combination of software and money movement services designed to optimise every stage of a transaction.

The company says its platform not only reduces the cost of payment acceptance but also helps businesses improve cash flow, customer satisfaction, and overall profitability.

Funding to support expansion

“For too long, payments have been treated only as a cost of doing business,” said PayNearMe CEO Danny Shader (pictured).

“We see improving payments as a powerful opportunity to help businesses differentiate, drive customer satisfaction, and improve business results.

“AVP’s funding will allow us to deliver the benefits of Payment Experience Management to more clients and in new markets.”

As part of its evolution, the company also announced the rebranding of its platform to PayXM, which it calls the industry’s first purpose-built platform for Payment Experience Management.

PayXM consolidates multiple payment types and channels, including PayPal, Venmo, Apple Pay, Google Pay, ACH, cards, and even cash at more than 62,000 US retail locations, into a single integration.

AVP, which manages more than €2.5bn across four investment strategies, has backed over 60 technology companies since its launch in 2016.

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