PayNearMe Raises $16M

Mountain View-based PayNearMe, which operates a service which allows consumers to use cash to pay for online transactions, said today that it has raised $16M in a new round of funding. The round was led by Khosla Ventures, and also included August Capital, True Ventures, and Maveron. PayNearMe said it would use the funding to expand its retailer payment locations and to launch new service offerings. PayNearMe's products are used to help those who are unable to obtain credit cards to buy items online, using a prepaid payment card. More information »