Online payment processor PayNearMe raises USD10m

Secured funding

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.

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