PayNearMe announces $50m Series E investment from Atlantic Vantage Point
The goal is to expand the company into new markets.
Key Points
- Through PayNearMe’s Payment Experience Management system, the company aims to streamline the payment experience for its clients
- The goal is to accelerate payments and reduce total cost
Fintech company PayNearMe has secured a $50m Series E investment from Atlantic Vantage Point (AVP) through its Growth Fund I.
The investment aims to fuel the company’s ongoing work toward simplifying clients’ end-to-end payment experiences, as well as PayNearMe’s expansion into new markets.
PayNearMe’s Payment Experience Management, which combines money movement services and software, is designed to “optimize every touchpoint in the payment journey across customers, support and operations.”
“By accelerating payments and reducing the total cost of acceptance, PayNearMe helps its clients improve cash flow and profitability,” PayNearMe said in a statement.
Company CEO Danny Shader noted payments in the past have been treated “only as a cost of doing business.”
He further commented, “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 an independent global investment group, AVP works with companies across North America and Europe.
AVP General Partner and Head of Growth Fund, North America Elizabeth de Saint-Aignan said, “PayNearMe has redefined what it means to deliver a modern payment experience. The company is uniquely positioned to solve challenges in a space long underserved and overlooked.
“PayNearMe’s vision and proven execution are changing how non-commerce businesses approach payments, and we’re excited to support them in this next stage of growth.”
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