A Series D funding round led by Queensland Investment Corporation (QIC) netted US fintech PayNearMe $45 million. True Ventures, Costanoa Ventures, August Capital, DNS Capital, Invicta Management, and H Barton Asset Management also participated in the round.
The Santa Clara, California-based company, founded in 2009, runs a payments platform processing a variety of payment types for businesses and government organisations around the world, including cash, debit, credit, ACH, and mobile-first payments.
The company claims its platform also helps businesses increase customer engagement, improve operational efficiency and drive down the total cost of accepting payments.
With the new funds in Series D funding, PayNearMe plans to accelerate its growth , develop its payments platform further, and create more data-driven value for its clients by helping them create “hyper-personalised” experiences, increase operational efficiency and unlock more revenue streams.
“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,” says Matt Diestel, partner at QIC. “The company’s innovation is extremely powerful and will, no doubt, transform the payments industry.”
Danny Shader, PayNearMe CEO, said: “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.”