$20 million? Meh. PayNearMe CEO Danny Shader is used to raising money — this was a Series E raise, after all — so the $20 million of funding his company received this week was no big deal to him. More important was the deal struck with Family Dollar stores, which greatly expands PayNearMe’s footprint “in all the locations that matter,” Shader told Bank Innovation. The Sunnyvale, Calif.-based company has raised more than $56.5 million in total since its founding in 2009. PayNearMe allows cash-dependent customers to pay bills and send money using retail channels such as 7-Eleven, Ace Cash Express, and now Family Dollar. 7-Eleven and Family Dollar have about 8,000 retail outlets, and Ace has about 1,000, bringing PayNearMe’s footprint to 17,000 stores. As many as 100 million cash-dependent customers are in danger of being left behind by the movement of transactions to digital channels. PayNearMe solves this problem : “We make cash payments look like an electronic form of tender,” Shader said. Shader said that PayNearMe’s business “tripled in the last year – we keep growing,” and specified that PayNearMe is strong in the housing sector, government, transportation, lending, direct sales, and has a large presence in healthcare. [...]
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