PayNearMe, a payments platform, has secured a $50m Series E funding from Atlantic Vantage Point (AVP) via its Growth Fund I.  

The funding aims to expedite the company’s entry into new markets and further investment in its product suite, which is designed to streamline the payment process for clients. 

AVP North America head of Growth Fund and general partner Elizabeth de Saint-Aignan said: “PayNearMe has redefined what it means to deliver a modern payment experience. The company is uniquely positioned to solve challenges in a space long underserved and overlooked.  

“PayNearMe’s vision and proven execution are changing how non-commerce businesses approach payments, and we are excited to support them in this next stage of growth.” 

The company has introduced Payment Experience Management, integrating software with financial services to refine each point of contact in the payment process.  

The approach aims to speed up payment transactions and lower the overall cost of payment acceptance, thereby improving clients’ “cash flow and profitability”. 

As part of its ongoing product development, PayNearMe has rebranded its platform to PayXM.  

It offers businesses the ability to manage an array of payment methods and channels through a unified platform and integration. 

The PayXM platform accommodates various payment options, including digital wallets such as PayPal, Venmo, Cash App Pay, and mobile payment services such as Apple Pay and Google Pay. 

It also supports traditional payment methods including cards and ACH, in addition to facilitating cash transactions at a network of retail locations throughout the US. 

PayNearMe CEO Danny Shader stated: “For too long, payments have been treated only as a cost of doing business. We see improving payments as a powerful opportunity to help businesses differentiate, drive customer satisfaction, and improve business results. AVP’s funding will allow us to deliver the benefits of Payment Experience Management to more clients and in new markets.”