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Funding of $50 million secured by payment service PayNearMe for growth and expansion endeavors

Fintech company PayNearMe receives $50 million Series E investment from Atlantic Vantage Point (AVP), propelling rapid growth into new markets.

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Funding influx of $50 million for payments company PayNearMe to stimulate growth and expansion
Funding influx of $50 million for payments company PayNearMe to stimulate growth and expansion

Funding of $50 million secured by payment service PayNearMe for growth and expansion endeavors

PayNearMe, a platform designed to optimize every stage of a transaction through a combination of software and money movement services, has announced a significant milestone in its journey. The company has secured a $50m Series E investment from Atlantic Vantage Point (AVP), a European venture capital firm that has backed over 60 technology companies since its launch in 2016.

Founded in 2009, PayNearMe has been making strides in the payment industry for over a decade. However, the rebranding of the platform to PayXM was not mentioned earlier in the article. The European venture capital firm AVP is involved in this rebranding, claiming that PayXM is the industry's first purpose-built platform for Payment Experience Management.

PayXM consolidates multiple payment types and channels, including PayPal, Venmo, Apple Pay, Google Pay, ACH, cards, and cash at over 62,000 US retail locations, into a single integration. This consolidation is aimed at simplifying the payment process for businesses and their customers.

Elizabeth de Saint-Aignan, general partner and head of growth fund, North America at AVP, said that PayNearMe is uniquely positioned to solve challenges in a space long underserved and overlooked. She believes that PayNearMe is redefining what it means to deliver a modern payment experience.

In addition to the rebranding, the investment will be used to accelerate PayNearMe's expansion into new markets. It will also be used to further develop PayNearMe's payment technology platform, with the aim of delivering Payment Experience Management benefits to more clients and in new markets.

PayNearMe's platform helps businesses improve cash flow, customer satisfaction, and overall profitability. The company claims that its platform reduces the cost of payment acceptance, a feature that was not previously associated with PayXM.

AVP, with assets under management exceeding €2.5bn across four investment strategies, is confident in PayNearMe's potential. The firm's funding will help PayNearMe continue its mission to revolutionize the payment industry and provide a seamless payment experience for businesses and their customers.

Despite extensive searches, there is no information available regarding who founded the company PayNearMe in 2009. However, its journey from a small startup to a major player in the payment industry is a testament to its resilience and innovation.

As PayNearMe continues to grow and evolve, the rebranding to PayXM marks a new chapter in its story. With the support of AVP, PayXM is poised to make a significant impact in the payment industry and deliver a modern, efficient, and cost-effective payment experience.

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