Incepted in April 2016, PayNearby is a DPIIT-certified company and India’s leading branchless banking and digital payments network. PayNearby operates on a B2B2C model, where it partners with neighbourhood retail stores and enables them with the tools to provide digital and financial services to local communities. PayNearby’s mission is to make financial services available to everyone, everywhere. The company aims to simplify high-end technology so that it can be easily assimilated at the last mile while transforming the lives of its retail partners and customers. Today, PayNearby, through its tech-led DaaS (Distribution as a Service) network, serves 75% of India and is enabling services like cash withdrawal, remittance, Aadhaar Banking, bill payment and recharges, savings, travel, digital payments, insurance and more. Currently, PayNearby’s 50 lakh plus microentrepreneurs across 20,000+ PIN codes assist 20+ crore customers across the country with various financial and digital services.
Location: India, Maharashtra, Mumbai
Employees: 501-1000
Phone: +91 33 6690 9090
Total raised: $2.5M
Founded date: 2016
Funding Rounds 1
| Date | Series | Amount | Investors |
| 10.12.2015 | - | $2.5M | - |
Mentions in press and media 12
| Date | Title | Description |
| 22.02.2025 | How Fintechs Seized the Day at Mahakumbh India's digital payment ecosystem has seen unprecedented growth, with UPI transactions surpassing 16 billion in December 2024. Maha Kumbh reflected this trend ... | Prayagraj's Maha Kumbh Mela, the world's largest religious gathering, has long been a spectacle of faith and devotion. But this year, it also became a testament to India's growing digital transformation. With an estimated 40-45 crore devote... |
| 18.01.2025 | India Digital Awards & Digital Responsibility Awards Shine the Spotlight on Digital Pathfinders | New Delhi, Delhi, India The results of India’s two most prestigious bouquets of digital awards, the India Digital Awards (IDA) and the Digital Responsibility Awards (DRA), given away annually by the Internet and Mobile Association of India ... |
| 13.01.2025 | FinTech's Union Budget 2025-26 Wishlist: MSMEs, Rural Communities, and Salaried Workers Previously, the Union Budget 2024-25 focused on employment, skilling, MSMEs, and the middle class | As India gears up for Finance Minister Nirmala Sitharaman to present the Union Budget for the 2025-26 financial year on February 1, Indian fintechs are calling for measures to be considered during the making of the annual budget of the coun... |
| 07.10.2024 | How Digital Payments Are Transforming the Indian Festive Season Shopping The festive season sales have reflected an extraordinary rise in consumer spending, with early estimates suggesting that sales ... | The Indian festive season, renowned for its vibrant celebrations and heavy consumer spending, has witnessed a dramatic transformation in recent years, largely driven by the rise of digital payments. With innovations in payment technology an... |
| 18.09.2024 | The Role of Digital Payment Infrastructures in MSME Growth Around 80 per cent of MSMEs reported positive impacts from adopting digital technology, with Aadhaar banking and UPI being the most utilized ... | The shift from cash to digital payments has made transactions faster, more secure, and cost-effective. This allows business owners to focus more on strategic growth initiatives rather than financial logistics, reducing administrative burden... |
| 17.09.2024 | The Transformative Impact of Digitalization on MSME Financing and Access to Credit Although only 12 per cent of India's 64 million MSMEs are digitally mature, the shift to a cashless and paperless eco... | In recent years, the rise of digital technologies has reshaped the global business landscape and India's Micro, Small and Medium Enterprises (MSMEs) have been at the heart of this transformation. With over 50 million MSMEs contributing arou... |
| 09.08.2024 | A New Era in Leadership and Digital Payments: NTT DATA and RBI's Transformative Moves | In the fast-paced world of technology and finance, change is the only constant. Recently, two significant developments have emerged from opposite ends of the globe. NTT DATA has appointed David McKeering as the new CEO for Australia and New... |
| 08.08.2024 | Now, multiple users can transact via one UPI account | RBI has introduced a new facility that allows the primary user to authorise another individual to make UPI transaction even without a separate UPI-linked bank account. Called Delegated UPI Payments, the system will be useful for older paren... |
| 07.06.2024 | RBI plans a digital intelligence platform to detect fraud | The Reserve Bank of India plans to set up a centralised digital payments intelligence platform for sharing data on a real-time basis across digital payment ecosystem aimed at detecting fraud. Also read:RBI closely monitoring incoming data o... |
| 06.03.2024 | 63% women aspire to be entrepreneurs, seek financial independence: Study | More than 63 per cent of women in India aspire to start their own business, reflecting a strong inclination towards financial independence, according to a study conducted by PayNearby, a branchless banking and digital network. The findings,... |
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