Published On: Sun, Feb 9th, 2014

Danny Shader Raises $20 Million In A Series E Funding For PayNearMe

Shader  is  CEO of PayNearMe which  he founded in 2009 to provide  a platform for consumers to make online transaction with cash.

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 Danny Shader (CEO & Founder) & John Minor (VP Product and Support)

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Danny Shader, CEO of PayNearMe has succeeded in conscripting an additional  $20 million in a Series E funding, for the  Sunnyvale, California  cash transaction network PayNearMe which he founded in 2009.

The current round of funding was led by GSV Capital while past investors, including  August Capital, Khosla Ventures, Maveron and True Ventures also taking part.

With this latest round of funding Shader has raised over $56 million for  PayNearMe, with the capital injection to be utilized  to allow the company to increase their market penetration in such realms as  e-commerce, direct marketing,  providing banking services as well as moving into the  healthcare sector.

According to Danny Shader,  PayNearMe  was founded to provide a platform for US  consumers who still prefer  to pay their  bills and rent and make their day to day transaction either online or off by paying cash. According to recent statistics, more than 25% of US consumers  still believe in making  transactions in cash either because they prefer not to operate  a bank account or prefer  not to be dependant  on automatic debits or credit cards to meet their monthly financial commitments.

 

Danny Shader graduated with a B.S. Industrial Engineering and Operations Research from the University of California at Berkeley later going on to earn  an M.B.A. from Stanford University.

Danny was a co-founder of  Accept.com, regarded as being the first consumer-to-consumer payment services company, which was later acquired by Amazon. Shader stayed on at Amazon after the takeover,  serving  as vice president before leaving to join Good Technology, Inc., where he held the post of President and CEO. After  Good Technology were acquired by Motorola in 2007, Danny served as CEO of Jasper Wireless, Inc before leaving to form PayNearMe.

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