PayNearMe, the cash-based online payment processor, has secured USD10m in Series D funding led by August Capital with participation from previous investors including Khosla Ventures, True Ventures and Maveron(Reports StrategyEye). The funding is timely as the company unveils its new product, PayNearMe Express. Businesses can now sign up to accept cash payments from PayNearMe customers.
Previously known as ‘Kwedit’, PayNearMe provides an alternative payment system for US citizens that do not have a bank account. PayNearMe enables customers to pay for, among other things, rent and utility bills with their mobile phones at participating stores. Working in partnership with business partners both online and off has made this a possibility. Currently, PayNearMe customers can make payments at 7,500 7-Eleven stores and 6,500 Ace Cash Express stores. This group is expected to incorporate a large national chain and a regional chain during the first half of 2013.
Barclays has signed contracts with six of the fintech startups that just graduated from its second New York accelerator programme.
Company card killer Pleo has raised $3m in new funding as it prepares for public launch in the UK and Denmark.
Cheques are become less and less common in the UK according to new research from global market research firm Mintel which claims contactless card use has overtaken cheque payments in the UK for the first time.
Payments for digital and physical goods made mobile operating system-based payments platforms like Apple Pay and Android Pay are expected to boom in the next few years according to new analysis from Juniper.