Expansion Funding of $50 Million Secured by PayNearMe for Market Expansion
PayNearMe, a leading payments processor founded in 2009, has secured a $50 million investment from Atlantic Vantage Point (AVP) in a Series E funding round. This investment brings the total funding raised by the company since its inception to $168 million.
With this funding, PayNearMe aims to expand into new markets, including healthcare, utilities, and government sectors, and fuel its product offerings. The company is transitioning from a pure payments processor to a Payment Experience Management provider, seeking to differentiate itself, drive customer satisfaction, and improve business results.
Danny Shader, CEO of PayNearMe, expressed his vision, stating that improving payments is a means to change how non-commerce businesses approach payments. He believes that by redefining modern payment experiences, PayNearMe can provide a unique solution to challenges in an underserved and overlooked space.
Elizabeth de Saint-Aignan, AVP General Partner and Head of Growth Fund, North America, praised PayNearMe for its efforts, stating that the company's growth will indeed change how non-commerce businesses approach payments. She also commended PayNearMe for redefining modern payment experiences and its unique position in addressing challenges in an underserved and overlooked space.
PayNearMe's services are currently offered to various industries including banks, toll companies, mortgage servicing companies, online gaming, auto lenders, and buy here pay here payment collectors. With its rebranding to PayXM, the company signifies its focus on Payment Experience Management.
The rebranded PayXM aims to enable businesses to manage the entire payment journey with a single platform and integration. This shift towards Payment Experience Management positions PayNearMe's payments offering as a strategic driver of customer experience, not just a back-office function.
Investors see opportunity in rethinking payments as an experience, not just as infrastructure. The next wave of fintech, according to PayNearMe, will come from embedding payments to make them invisible, seamless, and integrated into the customer experience.
Atlantic Vantage Point (AVP) expressed confidence in PayNearMe's vision and execution, investing $50 million in the company. This investment in PayNearMe indicates confidence in the company's vision of redefining modern payment experiences.
In conclusion, PayNearMe's Series E funding and rebranding to PayXM signify a significant step forward in the company's mission to make payments seamless, strategic, and embedded across industries through its Payment Experience Management approach. The company looks forward to delivering the benefits of Payment Experience Management to more clients and new markets.
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