• PayNearMe Rings Up $16M From Khosla And Others For Cash Payments Product

    PayNearMe, an alternative payments product from the company formerly known as Kwedit, has just raised $16 million in funding led by Khosla Ventures, with new investor August Capital and current investors True Ventures and Maveron also participating in the round. This brings the company’s total funding to $23.3 million. In conjunction with the funding announcement, Mark Britto, CEO of… Read More

  • Woot: Test PayNearMe And Get A Ton Of Free Facebook Credits

    The company that launched the Kwedit alternative payment product earlier this year, to much controversy, is testing a new feature that lets users purchase Facebook Credits with cash. The new product, called PayNearMe, allows people who don’t have or don’t want to use credit or debit cards to purchase Facebook credits with cash at nearly all of the 6,000 7-11 stores in the… Read More

  • Kwedit Has Legs – Repayment Rate above 33%

    Kwedit is one of the more promising alternate payment methods for social gaming and other virtual good sellers online. If you don’t have a credit card and don’t want to get into the offers/scamville stuff, you don’t have a lot of options. Kwedit allows you to make a promise to pay later – by dropping by a 7-11 and paying cash, or just mailing cash in. If you don’t… Read More

  • Amidst Controversy Storm, Kwedit Reveals Repayment Rate Already At 26%

    Kwedit, the innovative and suddenly controversial payments platform for virtual goods, is releasing some early data. The service lets users promise to pay later in lieu of a direct credit card payment when they want virtual currency for social games like Farmville. It’s not a legally binding promise, but users have an incentive to pay amounts owed because that allows them to get more… Read More

  • Kwedit Gets Slammed On Colbert, But Raises $3.3 Million To Soften The Blow

    Kwedit Gets Slammed On Colbert, But Raises $3.3 Million To Soften The Blow

    Kwedit, the innovative new alternate payment product for social games and just about any other virtual good, is on a roll. They’ve raised a second round of financing – $3.3 million in a round led by Maveron. And they were also on the Colbert Report last night. Just, not so much in a good way. Colbert ridiculed the company as a “website that hooks little kids on borrowing… Read More

  • Kwedit Launches: The First Completely Unreliable Payment Network

    Something tells me Kwedit, which launches today, is going to be a hit. It’s a new payment service that absolutely doesn’t guarantee payments. In fact, its unreliability is what makes it so attractive to social game publishers and other people selling virtual goods. It’s also a great way to let the unbanked masses out there pay for stuff without getting sucked in to… Read More