GSV Capital Leads $20M Series E Investment in PayNearMe
February 10, 2014
PayNearMe, an electronic cash transaction network, has closed a $20 million round of financing led by GSV Capital, with participation from August Capital, Khosla Ventures, Maveron and True Ventures. PayNearMe enables consumers to pay bills and rent, repay loans, buy tickets and make online purchases using cash. To make a PayNearMe payment, users bring their payment code to one of over 17,000 participating retail locations, including 7-Eleven stores nationwide, and pay with cash at the register.
Over the past year, PayNearMe has tripled its payment volume by growing in the categories of rent, utility agencies and auto lending. The new funds will be used to continue expansion into these categories, while also launching into new markets such as self-storage, direct selling, auto insurance and banking. PayNearMe has now completed five funding rounds totaling over $54 million, including a $12 million Series D investment that valued the company at $97 million one year ago.