Queensland Investment Corporation leads investment round, empowering PayNearMe to pioneer new advancements in digital payments and drive industry-wide transformation
SANTA CLARA, Calif., June 1, 2023 /PRNewswire-PRWeb/ -- PayNearMe, a fast-growing fintech company radically improving the consumer payment experience, today announced it has closed $45M in Series D funding led by Queensland Investment Corporation (QIC), with participation from True Ventures, Costanoa Ventures, August Capital, DNS Capital, Invicta Management and H. Barton Asset Management.
PayNearMe will use the funds to accelerate its growth, further develop its innovative payments platform, and create even more data-driven value for its clients.
"We've been impressed with PayNearMe's performance and breakout success," Matt Diestel, Partner, QIC, said. "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. The company's innovation is extremely powerful and will, no doubt, transform the payments industry."
With access to data, PayNearMe clients can create hyper-personalized experiences for their customers, increase operational efficiency and uncover new revenue streams. PayNearMe is focused on creating more value for its clients and partners, while expanding its offering into new vertical markets.
"Our growth has continued to accelerate as we serve the needs of more and larger clients," said CEO Danny Shader, PayNearMe. "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."
QIC is a trusted investment manager and adviser providing risk adjusted returns for the clients we serve. As one of Australia's leading institutional investment managers, we deliver alternative investment solutions across private equity & venture capital, infrastructure, real estate, private debt, and natural capital, and a liquid market offering for our 125 Australian and global clients. We also act as the Queensland Government's independent investment advisor, managing a fully-funded Defined Benefit scheme and the Queensland Future Fund both of which delivers on the State's long-term investment objectives. We have A$100bn in assets under management (as at 31 March 2023) and are headquartered in Brisbane, Australia, with offices in Sydney, Melbourne, New York, San Francisco and London.
PayNearMe develops technology that drives better payment experiences for businesses and their customers. Our modern, flexible and reliable platform helps businesses increase customer engagement, improve operational efficiency and drive down the total cost of accepting payments. PayNearMe enables more ways to pay by offering all major payment types and channels in a single platform.
PayNearMe today processes a wide range of payment types including Apple Pay, Google Pay, PayPal, Venmo, cards and ACH, and has enabled cash payments through our proprietary cash network since 2009. PayNearMe cash payments are accepted at more than 40,000 retail locations in the U.S. including participating 7-Eleven®, Walmart®, Family Dollar®, Casey's General Stores® and ACE Cash Express®, among others.
Thousands of businesses partner with PayNearMe to manage the end-to-end customer payment experience in industries such as Consumer Finance, Property Management, Insurance, Healthcare, Legal Services, Transportation and iGaming and Sports Betting.
To learn more about PayNearMe, please visit http://www.paynearme.com. Follow PayNearMe on Twitter, LinkedIn and Facebook. The PayNearMe service is operated by PayNearMe MT, Inc., a licensed money transmitter.
Anne Hay, PayNearMe, 609-283-2893, [email protected]