PayNearMe Raises $20M For Next-Gen Cash Service

PayNearMe, a startup focused on improving consumer cash-payment experiences, has raised $20 million in a new round of funding.

To date, the company has raised roughly $50 million. GSV Capital led the round, with Maveron, True Ventures, Khosla Ventures and August Capital also taking part in the round, Re/code reported on Feb. 6.

In an interview, PayNearMe CEO Danny Shader said that the company was well positioned to reach out to consumers, noting deals with Family Dollar and 7-Eleven put the service right in the hands of potential customers.

“We now think we have the best footprint in the country,” Shader remarked. “But it’s not places like liquor stores; it’s well-lit establishments.”

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