PayNearMe Inc. was formerly known as Kwedit Inc. and changed its name to PayNearMe Inc. on September 15, 2010.
More than 25% of US consumers regularly transact in cash and cash equivalents because they either don’t have a bank account or choose not to rely on automatic payments, checks and credit cards. PayNearMe is the electronic cash-transaction network that enables these consumers to pay their rent, utility bills and loans, as well as transfer money, buy tickets, make online purchases and do much more with cash. Consumers can conveniently make payments 24/7 in their own neighborhood in less than 60 seconds at nearly 10,000 participating 7-Eleven, Family Dollar and ACE Cash Express stores across the United States. There are no forms to fill out, and the user’s account with the biller is credited in real-time.
Numerous businesses such as property management companies, utility providers, self-storage operators, insurance providers, government services, telecom companies and financial institutions offer PayNearMe as a payment option to their customers. They choose PayNearMe because it eliminates the risks and operational costs of handling cash, and at the same time offers a convenient and reliable way for their cash-preferring customers to pay them.
At the core of PayNearMe is a flexible technology platform that's designed to accommodate endless number of payment use-cases, as well as multiple integration and configuration options enabling businesses in any industry to start offering PayNearMe with minimal technical effort and no business process reengineering. With its proprietary embedded barcode technology, PayNearMe supports mobile, web, printed, magnetic card and in-bill (EBPP) payment options.
Danny Shader is the founder and CEO of PayNearMe. Earlier, Danny led Accept.com, the first consumer-to-consumer payment service that Amazon.com acquired in 1999, and Good Technology, Inc., which Motorola acquired in 2007.
Latest funding size
Time since last funding
|almost 2 years|
|Khosla Ventures, True Ventures, August Capital, Fenwick & West, Maveron, Kapor Capital, GSV Capital, Endeavour Investment Partners, Floodgate|