PayNearMe Lays Off Employees as It Forges Into New Territory


PayNearMe is a financial services startup that has managed to fly under the radar of the tech-savvy. That’s largely because the six-year-old company is focused on the roughly 25 percent of people in the U.S. who don’t have bank accounts to pay for things like rent and utilities and online purchases. In fact, its customers largely interface with PayNearMe’s brand when they’re at a 7-Eleven or Family Dollar or Ace Cash Express store, all of which have partnered with PayNearMe to transform customers’ cash into payments.

It’s a big market, but it’s also highly challenging and fragmented, and the road, apparently, has been bumpy.

For one thing, Family Dollar stores, which first partnered with PayNearMe in early 2014, recently stopped accepting rent payments in its roughly 8,000 stores across the U.S.

A landlord source says the decision was made out of safety concerns over customers who were walking in with large piles of…

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