Participated · Series D · Jun 2023

PayNearMe is a fintech that provides Payment Experience Management software and money-movement services for non-commerce businesses. The company’s newly rebranded PayXM platform lets enterprises manage the entire payment journey across all major payment types—including PayPal, Venmo, Cash App Pay, Apple Pay, Google Pay, cards, ACH, and cash—within a single integration. PayXM is designed to accelerate payments, reduce the total cost of acceptance, and improve cash flow and profitability for clients. PayNearMe supports cash payments at more than 62,000 U.S. retail locations and serves thousands of businesses in sectors such as consumer lending, iGaming, online sports betting, property management, and tolling. By optimizing every customer, support, and operational touchpoint, the platform turns payments from a cost center into a strategic differentiator. With fresh capital, the company plans to expand into new markets and continue developing features that simplify the end-to-end payment experience.

Participated · Series C · Feb 2023

Treasury Prime builds API-driven banking-as-a-service tooling that lets businesses and fintechs integrate with banks to offer deposits, payments, money transfer, risk mitigation and other bank-backed services. The company started by automating routine bank tasks for financial institutions and has expanded into a multi-bank network offering a single integration to access multiple bank accounts. Since its May 2021 Series B, Treasury Prime says it has grown revenue nearly 400% and accounts more than 450%. It currently works with a multi-bank network of 16 banks and has about 100 employees. Treasury Prime plans to use new capital to build an integrated partner marketplace, expand its multi-bank network, and develop new products including lending options. The company has raised roughly $73 million since its 2017 inception. Treasury Prime provides banking-as-a-service through APIs, offering back-end technology and access to partner banks for fintechs and other companies. Its product aims to enable fintechs and companies building vertical banking tools to embed banking capabilities into their services. CEO Chris Dean says the company courts both banks seeking fintech deal volume and fintechs needing technology and banking partners. The startup has been capital-efficient — Dean said it had not tapped its Series A capital until January — but raised to invest aggressively after hitting a capacity bottleneck that limited new customer volume. Per PitchBook, Treasury Prime was valued at just over $40 million at the time of its Series A; the company raised a $20 million Series B. Management plans to use the new capital to hire, increase spending and absorb more demand as the banking-as-a-service market grows. Treasury Prime offers an API platform that converts manual banking tasks into software-driven workflows, enabling faster account openings and other routine processes. Its product both reduces bank operating costs and makes it easier for fintechs to plug into banks. CEO Chris Dean began the work at Silicon Valley Bank and later founded Treasury Prime to commercialize those tools. The company has 13 employees, including about 10 engineers, and plans to hire marketing and sales to build a go-to-market team and double headcount in 2020. Treasury Prime reported being profitable in January and said it has years of runway. Its revenue grew 40% in April, and it expects revenue to split roughly half between fintech customers and banks as it scales.