PayNearMe, a US-based FinTech firm, has caught the eyes of significant investors with its unique payments platform.
The company raised a substantial $45m in a Series D funding round that brought together an impressive set of investors. The Queensland Investment Corporation (QIC) took the lead, with participation from True Ventures, Costanoa Ventures, August Capital, DNS Capital, Invicta Management and H Barton Asset Management.
Founded in 2009 and based in Santa Clara, California, PayNearMe operates a payment platform that processes a range of payment types. These include cash, debit, credit, ACH, and mobile-first payments. The platform is available to businesses and government agencies worldwide, making PayNearMe a truly global solution in the payment industry.
The company prides itself on the unique benefits it offers to businesses. PayNearMe claims that its platform can increase customer engagement, enhance operational efficiency and significantly reduce the overall cost of accepting payments.
The recent influx of funds will be channelled into the company’s development plans. PayNearMe intends to accelerate its growth, refine its payment platform, and create more data-driven value for its clients. The company aims to help its clients create “hyper-personalised” experiences, further increase operational efficiency and unlock additional revenue streams.
Matt Diestel, partner at QIC, expresses high hopes for the company. “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,” Diestel said. “The company’s innovation is extremely powerful and will, no doubt, transform the payments industry.”
While this Series D funding is a significant achievement for the company, it’s not the first. PayNearMe has seen a history of successful rounds, displaying its ability to attract significant investment in the past.
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