PayNearMe, a fintech company based in Santa Clara, California, has reported substantial growth in its lending sector over the past 18 months. The company's platform expansion has resulted in significant increases in transaction volume and new client acquisitions among auto dealers and personal lenders.
“Our significant growth is driven by our commitment to understanding and meeting the changing needs of lenders and borrowers alike, and it underscores the industry’s demand for highly configurable and personalized payments capabilities,” said Michael Kaplan, EVP and Chief Revenue Officer at PayNearMe. “We’re not just solving today’s payment challenges, we’re anticipating tomorrow’s needs and building a payments ecosystem that will continue to progress payments innovation for years to come.”
During the period from January 1, 2023, to June 30, 2024, PayNearMe increased its lending transaction volume by 174% and added 54 new lending clients. Kaplan noted that this growth trajectory shows that their approach of combining modern technology with deep industry understanding is resonating strongly with lenders.
The company has introduced several new features aimed at enhancing value across the full payment experience. These include expanding payment options to include Cash App Pay alongside other major payment methods like Apple Pay, Google Pay, PayPal, Venmo, cards, ACH, and cash at over 62,000 retail locations. They also launched Smart SwitchTM technology for card processing redundancy and introduced a "bring your own texting provider" feature utilizing Smart Link™ technology.
In terms of ecosystem expansion, PayNearMe has formed new partnerships with GOLDPoint Systems, AutoMatrix, Lendisoft, and Emotive dealer management systems. They have also enhanced integration with Auto Master Systems for more efficient allocation of partial payments and integrated with Ituran GPS for smart ignition alerts.
Client feedback has been positive. Jose A. Gonzalez from You Drive Auto highlighted improvements in operational efficiency due to automated SMS payment reminders and one-click payment technology provided by PayNearMe. Carl Stamper from Indiana Finance praised the company's responsive support team and robust platform for significantly advancing their payments strategy.
PayNearMe's platform processes all major forms of payment including Cash App Pay as well as cash through an extensive network of retail locations across the U.S. Thousands of businesses partner with them to manage customer payment experiences in various industries such as consumer lending, iGaming and online sports betting.
For more information about PayNearMe's services or partnerships opportunities within AFSA member companies can contact Dan Bucherer.