LOS ANGELES — Payment systems provider National Payment Network Inc. (NPN) has named Stephen Baus, a principal investor and operating executive, as its CEO. The company also announced that it has secured a $7 million round of financing from Foundation Capital and Comerica Bank.
Baus brings 20 years' experience as a manager and investor in business-processing companies to his new position. Prior to joining NPN, he worked as the executive chairman at Weblistic Inc. and CEO of Excell Services. Baus began his career at Price Waterhouse. Denis Calvert, the company’s prior CEO, will become chairman of NPN's board of directors.
“We are very fortunate to have Steve bring his proven operating experience to NPN,” Calvert said. “Steve has a proven track record of creating value in the businesses he runs by focusing its strategy and creating low-cost leaders. Steve’s operating strategies with NPN’s best-in-class biweekly program is a winning formula.”
The funds from the Foundation/Comerica deal will be used to continue building out NPN’s proprietary loan-acceleration program. NPN offers consumers a system in which their payments for vehicle and home purchases and other debt are matched to the timing of their paychecks. NPN’s biweekly program enables consumers to increase equity, reduce loan term, make convenient automatic payments, facilitate budgeting, and ensure on-time payment, according to the company.
“NPN is the industry leader in biweekly payments processing," Baus said. "Now, more than ever, consumers need to build equity, reduce interest expenses, and improve their personal credit ratings ... Our partnership with Foundation Capital ensures build out plans can be achieved, even in this challenging market environment.”