Payment Club, Inc. this morning announced the completion of a $7 million financing led by its co-founders in partnership with Unified Payments, a subsidiary of Net Element (NASDAQ: NETE) and its institutional investor. Payment Club’s co-founders lead the financing with $2 million in equity. Unified Payments, through its partnership with its institutional investor, arranged a $5 million credit facility for Payment Club to drive its growth initiatives, bringing total debt and equity financing to $7 million. Payment Club intends to utilize the funding by expanding nationwide, hiring up to 100 membership advisors, and creating show rooms where business owners can gain information on the different memberships the company plans to offer and experience the various products. “Payment Club is an exceptional company that is revolutionizing the way merchants pay for accepting cashless transactions, and we look forward to a long term partnership with the Payment Club team as they grow the business,” Vlad Sadovskiy, president of integrated payments for Net Element stated in the news release.
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About Payment Club
Payment Club is a subscription-based payments provider offering variety of membership plans for value added services, POS and flat fee payment acceptance with transparent, zero markup pricing. For more information about Payment Club visit www.PaymentClub.com.
About Net Element
Net Element, Inc. (NASDAQ: NETE) operates a payments-as-a-service transactional and value-added services platform for small to medium enterprise (“SME”) in the U.S. and selected emerging markets. In the U.S., it aims to grow transactional revenue by innovating SME productivity services using blockchain technology solutions and Aptito, the company’s cloud based, restaurant and retail point-of-sale solution. Internationally, Net Element’s strategy is to leverage its omni-channel platform to deliver flexible offerings to emerging markets with diverse banking, regulatory and demographic conditions. Net Element was ranked as one of the fastest growing companies in North America on Deloitte’s 2017 Technology Fast 500™. In 2017, Net Element was recognized by South Florida Business Journal’s as one of 2016’s fastest growing technology companies. Further information is available at www.NetElement.com
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