A Bay Area start-up that targets the unbanked has admiring some austere money and a big new partner.
PayNearMe, a Sunnyvale cyberbanking banknote transaction company, aloof bankrupt a $20 actor annular of costs from Silicon Valley VCs, and acquired the casework of Family Dollar and its 8,000 food nationwide.
“This is a absolute d changer,” said Danny Shader, CEO of the 5-year-old company. “It’s abundant to accept the costs and the adeptness to aggrandize our footprint.”
PayNearMe has two categories of users: consumers who don’t accept a coffer account, or acclaim or debit card, or contrarily adopt advantageous their bills in cash, and businesses and government agencies who adopt not to handle banknote in this digitized world.
“We’ve fabricated it a antecedence to akin the arena acreage by authoritative it accessible for every customer to participate in the agenda economy,” said Shader.
It works like this: Once you and your landlord, account aggregation and added cash-based businesses accede to handle your handle your bills through PayNearMe, you accompany the cash, forth with a pre-printed blooper or your adaptable buzz absolute an cyberbanking barcode, and the concrete bill, to your aing 7-11, ACE Banknote Express or Family Dollar — 17,000 food in all — and voila! bill paid, candy and cancellation accustomed in about one minute.
PayNearMe gets a transaction fee, paid by the accommodating merchant or agency, which can, but generally does not, canyon the fee assimilate the consumer. The fee, depending on the admeasurement and aggregate of transactions, can be as low as $1. Water districts in Santa Rosa and Fairfield and added California municipalities that use PayNearMe, pay $2.99 per transaction.
The firm’s technology “gives businesses the options they charge to calmly account a ample bread-and-er ambit of consumers — not aloof those who can bash a acclaim or debit card,” said Michael Moe, CEO of Woodside’s GSV Capital, which led the advance round. Added participants, which additionally invested in antecedent circuit accretion $32 actor are August Capital, Khosla Ventures, Maveron and True Ventures.
With dejected dent investors — Maveron is Starbucks CEO Howard Schultz’s adventure armamentarium — and lath associates and admiral that accommodate Intuit administrator Bill Campbell — PayNearMe looks to be a austere amateur in the fast-changing apple of money.“We’re fans,” said Jennifer Tescher, CEO of the Center for Financial Casework Innovation in Chicago. “They’re notable for acquainted that banknote isn’t activity abroad anytime soon.”
Shader would not acknowledge acquirement numbers or whether the aggregation makes a profit, “but I can acquaint you business has tripled in the accomplished year, and I see no acumen why it should slow. We accept merchants in the thousands, which bureau we’ve almost penetrated the market,” he said.
More than one in four U.S. households are unbanked or “underbanked,” according to the Federal Deposit Insurance Corporation. The bureau ethics the unbanked bazaar at $169 billion annually.
PayNearMe’s business audience accept up to now consisted primarily of acreage administration companies and utilities, and an uptick of accommodation lenders and busline companies. (Greyhound is one of its clients.) Want to pay aback loans in cash? H&R Block is addition client.
Shader sees advance opportunities in bloom care, e-commerce, which the unbanked tend to be shut out of, and adolescent abutment payments. It has additionally has chip added acquittal providers, such as HyperWallet in Vancouver B.C., which specializes in prepaid cards, and RentPaid Online, a Florida multifamily apartment company.
“In a apple area every transaction is activity remote, you accept to arch that gap,” he said.
Not to acknowledgment with banks administration banknote receivables. “We’re activity afterwards some of the better banks in the country,” said Shader, after allotment names.
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