PayNearMe Secures $50 Million to Expand Payment Experience Platform
Fintech innovator PayNearMe has raised $50 million in Series E funding, a move set to accelerate its expansion and strengthen its mission of simplifying payments for businesses outside traditional retail.
Backing from a Global Investor
The funding comes from AVP’s Growth Fund I, which focuses on high-growth technology companies across Europe and North America. AVP manages more than €2.5 billion in assets and has invested in more than 60 tech firms since 2016.
Elizabeth de Saint-Aignan, General Partner and Head of Growth Fund, North America at AVP, explained why the firm sees PayNearMe as a strong bet:
“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.”
Many organizations view payments as a fixed cost. PayNearMe wants to prove they can also be a tool for growth.
“For too long, payments have been treated only as a cost of doing business,” said Danny Shader, CEO of PayNearMe. “We see improving payments as a powerful opportunity to help businesses differentiate, drive customer satisfaction, and improve business results.”
This approach is central to the company’s model of Payment Experience Management, which combines money movement with software to improve every part of the transaction, from how customers pay to how businesses track and support those payments.
The PayXM™ Platform
To reflect its focus, PayNearMe recently renamed its platform PayXM™, short for Payment Experience Management. The system is designed to handle the entire payment journey within one integration, eliminating the need for multiple vendors.
PayXM supports:
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Digital wallets like Apple Pay, Google Pay, PayPal, Venmo, and Cash App Pay
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Debit and credit cards
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ACH bank transfers
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Cash payments at more than 62,000 U.S. retail locations
This breadth of options allows businesses to meet customers on their preferred channel, while reducing operating costs and speeding up payment cycles.
PayNearMe already works with thousands of businesses in areas such as consumer lending, property management, iGaming, online sports betting, and tolling. With the new funding, the company aims to expand into additional markets while continuing to enhance its platform.
Shader said the investment will allow the team to bring Payment Experience Management “to more clients and in new markets,” building on the company’s momentum.
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