PayNearMe, a Sunnyvale, CA-based electronic cash transaction network, closed a $20m round of financing.
The investment was led by GSV Capital, with participation from August Capital, Khosla Ventures, Maveron and True Ventures.
The company intends to use the funds to continue expansion into existing categories while launching into new vertical markets.
Led by Danny Shader, CEO, PayNearMe provides consumers with a platform to pay bills and rent, repay loans, buy tickets and make online purchases with cash. Its cash transaction network allows payees to accept cash payments through any of 17,000 participating 7-Eleven, Family Dollar, and ACE Cash Express stores nationwide.