Electronic cash transaction network PayNearMe has closed a $20 million round of financing led by GSV Capital. August Capital, Khosla Ventures, Maveron and True Ventures also participated in the round. PayNearMe says it will use the funds to continue expansion into existing categories, while launching into new vertical markets.

PayNearMe has closed $10 million in additional funding led by August Capital with participation from existing investors Khosla Ventures, Maveron, and True Ventures. The funds will...