PayNearMe Raises $50 Million to Accelerate Growth and Enhance Payment Solutions
PayNearMe, a fintech company based in California that specializes in optimizing payment processes for non-commerce sectors, has successfully raised $50 million in a Series E funding round. This investment was led by Atlantic Vantage Point (AVP) through its Growth Fund I and will fuel the company’s expansion into new markets while advancing its innovative payment technologies.
Enhancing Payment Experiences Across Industries
At the heart of PayNearMe’s mission is the belief that payment systems should be more than just administrative tools; they should drive business growth and enhance customer satisfaction. Their single integration platform currently serves thousands of businesses across diverse fields such as consumer lending, online gaming, sports betting, property management, and toll collection.
Elizabeth de Saint-Aignan, general partner and head of growth fund at AVP, praised PayNearMe’s innovative approach and execution abilities. She highlighted how the company’s forward-thinking solutions are addressing persistent payment challenges that have historically hindered efficiency in the industry.
“PayNearMe’s vision and proven execution are reshaping payment approaches for non-commerce businesses, and we are eager to support their next phase of development.”
– Elizabeth de Saint-Aignan, AVP General Partner
Central to PayNearMe’s solution is their Payment Experience Management framework, a combination of software and money movement services designed to simplify and improve how businesses receive and manage payments. By decreasing the cost of payment acceptance and speeding up transaction processing, the company helps enhance clients’ cash flow while reducing friction for end users.
Ongoing Commitment to Innovation and Expansion
Danny Shader, CEO of PayNearMe, challenged the outdated perception of payments as merely an operational expense. He emphasized that a well-designed payment strategy can serve as a competitive advantage, boosting customer satisfaction and financial performance. Shader expressed optimism about broadening PayNearMe’s impact to customers worldwide with premium payment solutions.
“AVP’s investment empowers us to bring the benefits of Payment Experience Management to more clients and new markets.”
– Danny Shader, PayNearMe CEO
Reflecting its growth, PayNearMe has rebranded its main platform to PayXM™, the first platform tailored specifically to optimize the full payment journey. This solution supports all major payment types and enables businesses to handle transactions from various customer-facing channels through a single integration.
The recent funding adds to a year of significant progress for PayNearMe. In 2024, the company formed a strategic partnership with Mohegan Digital to enhance payment offerings for iGaming operators in Pennsylvania. The confidence shown by investors in this Series E round underscores PayNearMe’s payment technology as a vital component of effective customer engagement strategies.
