$45m in Series D Funding secured by PayNearMe
The funding round is led by Australian investment management company, Queensland Investment Corporation, and will enable PayNearMe to focus on innovation.
PayNearMe has announced the closing of $45m in Series D funding, which will be used for further growth and development of its payments platform. Queensland Investment Corporation (QIC) will raise the bulk of the funds, with True Ventures, Costanoa Ventures, August Capital, DNS Capital, Invicta Management and H. Barton Asset Management also contributing to the total.
Matt Diestel, Partner at QIC, said, “We’ve been impressed with PayNearMe’s performance and breakout success. Payments data is the next emerging opportunity for businesses, and PayNearMe is enabling its clients to access that data and leverage it as a strategic asset.
“The company’s innovation is extremely powerful and will, no doubt, transform the payments industry.”
PayNearMe specializes in providing payments solutions for the gaming industry. The fintech company aims to use data-driven research to add value to its client services.
Danny Shader, CEO of PayNearMe, commented, “Our growth has continued to accelerate as we serve the needs of more and larger clients.
“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.”
PayNearMe processes a range of online payments from Apple Pay, to Google Pay, to Paypal and Venmo. PayNearMe cash may also be used at over 40,000 US retail locations. The company aims to offer personalized and customizable solutions for clients’ particular efficiency needs.
SVP and Chief Marketing Officer of PayNearMe, Anne Hay, recently provided her viewpoints on four topics within the payments industry in Gaming America’s May/June issue.
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