- Santa Clara, California-based fintech PayNearMe has raised $45 million in Series D funding.
- The round was led by Queensland Investment Corporation (QIC). The investment takes PayNearMe’s total equity capital to more than $118 million.
- PayNearMe has won Finovate Best of Show awards on three different occasions.
The round was led by Queensland Investment Corporation (QIC). True Ventures, Costanoa Ventures, August Capital, DNS Capital, Invicta Management, and H. Barton Asset Management also participated.
Fresh valuation data was not immediately available. The company’s latest investment takes the firm’s total equity capital to more than $118 million, according to Crunchbase. The funding will enable the company to accelerate growth and further development of its payments platform.
“Our growth has continued to accelerate as we serve the needs of more and larger clients,” PayNearMe CEO Danny Shader said. “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.”
Founded in 2009, PayNearMe facilitates cash, debit, credit, ACH, and mobile payments – including both Apple Pay and Google Pay – for thousands of businesses and organizations across the U.S. PayNearMe clients benefit from access to payments data which enables them to increase operational efficiency and produce new revenue streams by building “hyper-personalized” experiences for their customers. QIC Partner Matt Diestel underscored this opportunity, noting in a statement that “payments data is the next emerging opportunity for businesses”. Diestel added that “PayNearMe is enabling its clients to access that data and leverage it as a strategic asset.”
PayNearMe won Best of Show in its Finovate debut at FinovateFall in 2010, and went on to take home top honors twice again within the following three years. Earlier this year, the company announced that U.S.-based iGaming operator Maverick Gaming had chosen PayNearMe’s MoneyLine platform to expand the number of payment types it can offer.
Also this spring, PayNearMe announced a partnership with Allied Business Systems, and a collaboration with Lottery Now – which, like Maverick Gaming, is also deploying PayNearMe’s MoneyLine platform. Note that the technology won “Best Consumer Payments Platform” at the FinTech Breakthrough Awards for a fourth year in a row.