US-based PayNearMe has raised $20m in funds to support its expansion strategy into existing categories while also launching into new vertical markets.
GSV Capital has managed the round of financing in which August Capital, Khosla Ventures, Maveron and True Ventures have also participated.
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GSV Capital chairman and CEO, Michael Moe, said: "This additional funding will help accelerate PayNearMe’s growth and open the door to even more consumers who need the invaluable option of cash payment."
PayNearMe is an electronic cash-transaction network that allows consumers pay rent and utility bills, repay loans, buy tickets, and make online purchases with cash. It will also offer the only mobile cash-payment option for consumers.
PayNearMe said that it has tripled its payment volume in 2013 by expanding into particular categories including rent, utility agencies, and auto-lending.
Additionally, PayNearMe is planning to expand into new categories such as self-storage, direct selling, auto insurance and banking.
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By GlobalDataPayNearMe has also started negotiations with major companies to enter into healthcare, airlines, tolling, child support and online entertainment categories.
The integration of PayNearMe into loan servicing software will enable cash payments to be processed in the same automated manner as other electronic payments methods.
