The U.S. 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.

The new money brings the total funding raised by PayNearMe to $50 million, according to ReCode.

Sunnyvale, Calif.-based PayNearMe enables customers to pay rent and utility bills, repay loans, buy tickets and make online purchases with cash. Participating billers who want to accept cash remotely send a payment code to their customers' mobile phone or print a barcode on paper bills.

Customers take the payment codes to one of 17,000 participating U.S. retail locations and pay their bills with cash at the register without having to fill out forms or visit biller locations. Payments are posted to biller accounts immediately.

Participating retailers include 7-Eleven, Family Dollar and ACE Cash Express stores across the U.S.

Over the past year, PayNearMe has tripled its payment volume by growing in the categories of rent, utility agencies and auto-lending, the company said. It is also seeing growth in self-storage, direct selling, auto insurance and banking, and is negotiating with companies in the healthcare, airline, tolls, child support and online entertainment sectors.

"This additional funding will help accelerate PayNearMe's growth and open the door to even more consumers who need the invaluable option of cash payment," Michael Moe, GSV Capital's chairman and CEO, said in a news release.

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