PayNearMe Closes $16M Round of Financing
PayNearMe, a Mountain View, CA-based company that operates a cash payment network, has closed a $16m round of financing.
The investment was led by Khosla Ventures, with participation from new shareholder August Capital and existing backers True Ventures and Maveron.
The company intends to use the funds to expand its network of retailer payment locations and payees, and to launch new service offerings, including a new mobile payment option.
In conjunction with the funding, payments veteran Mark Britto, CEO of BOKU and former BillMeLater board member, will join the company’s board of directors.
PayNearMe’s solution is designed to enable consumers to pay with cash for a wide variety of goods and services from companies in e-commerce, direct response and catalog marketing, consumer finance at a local store.
The company’s cards are currently available at more than 6,000 7-Eleven® stores across the U.S.