PayNearMe Announces Record Growth as Client Wins Climb
Company’s transaction volume increased by more than 50% over the last 18 months; electronic payments revenue more than doubled
SANTA CLARA, Calif., Sept. 29, 2022– PayNearMe, a fast-growing fintech company radically improving the customer payment experience, today announced record company growth, evidenced by significant increases in transaction counts and electronic payments revenue, as well as a 20% increase in the number of merchants adopting the PayNearMe platform.
“2022 is proving to be a pivotal year for PayNearMe as we continue to execute on our aggressive growth objectives and exceed our targets quarter after quarter,” said Michael Kaplan, Chief Revenue Officer and General Manager, PayNearMe. “This company momentum speaks to significant market demand for our modern payments platform, which enables billers to deliver fast, frictionless self-service bill pay options and allows iGaming and sports betting operators to deliver the best player experience for deposits and withdrawals.”
The company has experienced tremendous growth during the last 18 months (January 1, 2021 — June 30, 2022).
Company Growth
PayNearMe is successfully executing against its growth strategy. During this timeframe, the company:
- More than doubled revenue in electronic payments
- Grew the number of merchants on its platform by 20%
- Increased transaction volume by more than 50%
- Increased digital wallet payment share in our client base by more than 60% year over year
- Expanded our cash retail network by nearly 50% by adding more than 13,000 Walgreens and Walmart locations
- Increased cash volume nearly 50%, validating the need for cash payment options
“We’re making a calculated decision on how we’re going to continually grow our share of the market. We have strong financials, significantly increased the number of clients on our platform, and we’re working with our clients to understand their needs and deliver products and services that continue to move their businesses forward,” Kaplan said. “There continues to be tremendous opportunity for growth, driven by the acceleration toward mobile-friendly payments, as well as consumer demand for payment choice and convenience.”
Platform Expansion
PayNearMe continues to bring new features to market enabling its clients to deliver value across the full payment experience. The company:
- Doubled the number of electronic tender types offered in its technology platform; the addition of PayPal, Venmo, Google Pay and Apple Pay offers customers more payment choice and convenience
- Launched one of the industry’s most comprehensive disbursement solutions, enabling merchants to disburse funds four different ways with a single integration: push-to-card, ACH, PayPal and cardless cash at ATM
- Introduced Smart Link™ technology — personalized links that move customers directly into registered payment flows, enabling payments in a few short clicks
- Shipped 95 product releases to the platform, delivering new features, functionality and improvements utilizing our zero-downtime architecture
“Our high rate of innovation sets us apart in the industry and enables personalized payment experiences that deliver value before, during and after every transaction,” Kaplan said.
“To maintain our pace of innovation and support the increasing demand for frictionless payments, we are scaling our development resources,” he continued.
Team Growth
To support its next phase of growth, PayNearMe:
- Doubled both engineering capacity and R&D investment
- Appointed Mirna Daouk as Chief Financial Officer
- Appointed Lee-Anne Farley as Chief People Officer
“We remain maniacally focused on innovating for our clients in ways that allow them to improve their customers’ experiences and financial results,” said Danny Shader, Founder and CEO, PayNearMe. “We will continue to invest in R&D for the benefit of our clients.”
“To support our next phase of growth, we’ve also made key leadership hires to ensure we continue to innovate and improve our world-class payment platforms, attract and retain the most talented people, and maintain strong financial performance as we scale,” Shader said.
About PayNearMe
PayNearMe develops technology that drives better payment experiences for businesses and their customers. Our modern, flexible and reliable platform helps businesses increase customer engagement, improve operational efficiency and drive down the total cost of accepting payments. PayNearMe enables more ways to pay by offering all major payment types and channels in a single platform.
PayNearMe today processes a wide range of payment types including cards, ACH, Apple Pay, Google Pay, PayPal and Venmo, and has enabled cash payments through our proprietary cash network since 2009. PayNearMe cash payments are accepted at more than 40,000 retail locations in the U.S. including participating 7-Eleven®, Walmart®, Family Dollar®, Casey’s General Stores®, and ACE Cash Express®, among others.
Thousands of businesses partner with PayNearMe to manage the end-to-end customer payment experience in industries such as Consumer Finance, Property Management, Insurance, Utility and Municipality, and iGaming and Sports Betting.
To learn more about PayNearMe, please visit www.paynearme.com. Follow PayNearMe on Twitter, LinkedIn and Facebook. The PayNearMe service is operated by PayNearMe MT, Inc., a licensed money transmitter.
