LOS ANGELES -- National Payment Network Inc. has secured $7 million in financing from Foundation Capital and Comerica Bank, and named Stephen Baus, a principal investor and operating executive, as the company's CEO.
The company's $7 million round of financing from Foundation Capital and Comerica Bank will be used to continue building out NPN's proprietary loan acceleration program.
"Our CustomPay payment processing engine provides customers with the highest quality and most secure way to accelerate equity creation and maintain credit scores in the industry," said Stephen Baus, CEO of NPN. "Now, more than ever, consumers need to build equity, reduce interest expenses, and improve their personal credit ratings. NPN's biweekly program creates a low cost, secure vehicle for consumers to manage their mortgage, auto and student loan debt. Our partnership with Foundation Capital ensures build out plans can be achieved, even in this challenging market environment."
The company's newly appointed CEO Baus is a veteran business services operating executive. He brings 20 years of experience in payment processing as a manager and investor in business processing companies. Baus will replace Denis Calvert, the company's previous CEO, who will become Chairman of the Board of Directors.
Previously, Baus was executive chairman of Weblistic Inc., and CEO of Excell Services, a business process outsourcing company. He was a general partner at Platinum Equity and chief financial officer of Ebone, an NYSE listed telecommunications firm. Baus began his career at Price Waterhouse.
"We are very fortunate to have Steve bring his proven operating experience to NPN," said Denis Calvert, Chairman of the Board of NPN. "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."