Dive Brief:
- PayNearMe, a Silicon Valley payments technology firm, has raised $50 million from Atlantic Vantage Point’s Growth Fund I, according to a press release.
- The company plans to use the funding to expand into new markets and develop new products that “simplify the end-to-end payment experience,” the Tuesday release said.
- The company also renamed its Payment Experience Management software as PayXM. The platform helps companies manage their payments across all common payment forms, PayNearMe said.
Dive Insight:
As PayNearMe prepares to pour more resources into its payment services, its goal is to reduce the cost of payment acceptance and speed up the payment process in hopes of improving clients’ cash flow and profitability, the company said.
“For too long, payments have been treated only as a cost of doing business,” Danny Shader, PayNearMe’s chief executive, said in a statement. “We see improving payments as a powerful opportunity to help businesses differentiate, drive customer satisfaction, and improve business results.”
The new funds will help the company, founded in 2009, expand “to more clients and in new markets,” he said.
Through a spokesperson, PayNearMe declined to reveal Thursday how much it has raised to date.
Over the past few years, PayNearMe has been expanding its reach through partnerships with retailers. In 2021, the fintech partnered with GreenDot and Walmart to provide its bill payment technology to cash-paying customers at 4,000 Walmart locations. The company later introduced its bill payment services in Walgreens in 2022 and in Dollar General in 2023.
Beyond its retail push, PayNearMe has also widened its footprint in the gambling world. In 2023, the Santa Clara, California-based company teamed up with NCR Atleos to launch more ATMs that pay out players’ winnings in cash.
Alongside efforts to grow its bill payment and ATM businesses, PayNearMe is tracking a demand for better toll payments.
In June, the company released a report, indicating that most drivers would prefer to pay their tolls with digital payment tools. Survey respondents cited PayPal (55%), Apple Pay (50%), Venmo (33%), Google Pay (32%) and Cash App (30%) as their desired payment apps for paying tolls.
