PayNearMe Receives $16 Million Infusion

Nov. 29, 2010

PayNearMe, a Mountain View, Calif.-based company that enables cash payment for online purchases, announced recently it has secured a $16 million in new financing. The most recent round of funding was led by Khosla Ventures with participation from new investor August Capital and existing investors True Ventures and Maveron. The company said it will 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. PayNearMe also announced that payments veteran Mark Britto, CEO of BOKU and former BillMeLater board member, will join the company’s board of directors. “When I realized that PayNearMe could significantly improve consumers’ financial lives by offering cash payment services that are better, faster and significantly less expensive than existing alternatives, I wanted to get involved,” said Britto. “Plus, I know from my experiences at BOKU, BillMeLater and FirstUSA how valuable a new payment network can be to merchants if, like PayNearMe, it allows them to unlock large segments of new demand.”