Payment Club, Inc., a Dover, DE-based subscription-based payment service provider that offers payment processing and value-added point-of-sale services to merchants through simple membership pricing plans, completed a $7m financing.
The round was led by its co-founders in partnership with Unified Payments, subsidiary of Net Element (NASDAQ: NETE) and its institutional investor.
The financing was led by Payment Club’s co-founders with $2m in equity.
As part of Unified Payments’ “Team Unified” partnership program and Unified Prosperity Financing program, Unified Payments through its partnership with its institutional investor arranged a $5m credit facility for Payments Club to accelerate its growth initiatives, bringing total debt and equity financing to $7m.
Launched in late 2017 by Anthony Kutscher and Alex Ilinski, 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.
The company will use the funding to expand nationwide and hire up to 100 Payment Club membership advisors as well as create show rooms where business owners can come in and experience the products and get information on the variety of memberships it plans to offer.