PayNearMe has closed $45m in Series D funding led by Queensland Investment Corporation (QIC). Other backers include True Ventures, Costanoa Ventures, August Capital, DNS Capital, Invicta Management and H Barton Asset Management.

The funding enables PayNearMe to accelerate growth, further develop its payments platform, and create more data-driven value for clients.

“We’ve been impressed with PayNearMe’s performance and breakout success,” Matt Diestel, Partner, QIC, said. “Payments data is the next emerging opportunity for businesses. PayNearMe is enabling its clients to access that data and leverage it as a strategic asset. The company’s innovation is extremely powerful and will, no doubt, transform the payments industry.”

With access to data, PayNearMe clients can create hyper-personalised experiences for their customers. This increases operational efficiency and uncovers new revenue streams. PayNearMe is focused on creating more value for its clients and partners while expanding its offering into new vertical markets.

Supporting increased demand for frictionless payments

“Our growth has continued to accelerate as we serve the needs of more and larger clients,” said CEO Danny Shader. “This investment enables us to deploy additional resources to increase the rate of innovation for our clients. And this allows us to support the increasing demand for frictionless payments in new and existing vertical markets by developing features that deliver value across the full payment experience.”

QIC is one of Australia’s leading institutional investment managers. It delivers alternative investment solutions across private equity & venture capital, infrastructure, real estate, private debt, and natural capital. It also acts as the Queensland Government’s independent investment adviser.

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PayNearMe develops technology that drives better payment experiences for businesses and their customers.

PayNearMe processes a wide range of payment types including Apple Pay, Google Pay, PayPal, Venmo, cards and ACH. It has enabled cash payments through its proprietary cash network since 2009.

PayNearMe cash payments are accepted at more than 40,000 retail locations in the US. Retail partners include 7-Eleven, Walmart, Family Dollar and Casey’s General Stores.