PayNearMe Secures $50 Million for Market Expansion
PayNearMe, a pioneering fintech company, has announced its rebranding as PayXM and secured $50 million in Series E funding, bringing its total funding to $168 million since its inception in 2009.
The investment from AVP General Partner and Head of Growth Fund, North America, Elizabeth de Saint-Aignan, indicates a strong confidence in PayNearMe's vision to rethink payments as an experience, not just infrastructure.
PayNearMe's CEO, Danny Shader, views this funding as an opportunity to help businesses differentiate and improve customer satisfaction by focusing on improving payments.
Elizabeth de Saint-Aignan, expressing her excitement about supporting PayNearMe in its next stage of growth, believes that the company's unique positioning makes it well-equipped to address challenges in the payment industry. She also states that PayNearMe is uniquely positioned to solve challenges in a space long underserved and overlooked.
The rebranded platform, PayXM, is focused on enhancing the customer experience through Payment Experience Management. PayNearMe's goal with PayXM is to deliver the benefits of Payment Experience Management to more clients and in new markets.
PayNearMe was founded in 2009 to enable unbanked individuals to transact online by paying with cash at brick-and-mortar retailers. Over the years, the company has expanded its offerings to include payment processing, exception management, and diverse payment options for various industries such as banks, toll companies, mortgage servicing companies, online gaming, auto lenders, and buy here pay here payment collectors.
With PayXM, PayNearMe aims to make payments seamless, strategic, and embedded across industries. The new platform aims to make payments invisible, seamless, and integrated into the customer experience.
The next wave of fintech, according to PayNearMe, will come from embedding payments to enhance customer experience. By focusing on Payment Experience Management, PayNearMe is transitioning from a pure payments processor to a provider that offers a more comprehensive solution for businesses.
The funds from the Series E investment will be used to expand into new markets and fuel PayNearMe's product offerings. AVP's Elizabeth de Saint-Aignan says PayNearMe's vision and proven execution are changing how non-commerce businesses approach payments.
PayNearMe's vision, as expressed by Elizabeth de Saint-Aignan, is to solve challenges in the underserved and overlooked payment space. With the rebranding to PayXM and the securing of Series E funding, PayNearMe is poised to make a significant impact in the payment industry.
Read also:
- Elon Musk accused by Sam Altman of exploiting X for personal gain
- Comparing the value of top electric scooters: Kinetic DX versus Bajaj Chetak versus TVS iQube - Which one offers the best bang for the buck?
- Tech tycoon Elon Musk alleges Apple is preferring OpenAI, sparking potential lawsuits contemplation
- China's Automotive Landscape: Toyota's Innovative Strategy in Self-Driving Vehicles
