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Columbia Pacific Business Finance Provides $17MM Term Loan to Simpay

October 22, 2021, 07:59 AM
Filed Under: Specialty Industries

Columbia Pacific Business Finance (CPBF), an evergreen fund providing direct financing to emerging growth and middle market companies, provided a $17 million term loan to Simpay, an independent sales organization specializing in merchant service solutions headquartered near Philadelphia. The funds provided by CPBF will be used to refinance existing debt and fund expansion of Simpay’s sales and service initiatives.

“Simpay has a rich history of innovation and service that has produced a durable and diversified business,” said Trent Stedman, managing director of CPBF. “We are pleased to partner with the Simpay team as they accelerate the company’s strategic plan through sales and product initiatives.”

Between 2005 and 2015 Simpay was named to the ‘Inc. 5000’ list of fastest growing companies nine out of 10 years. In 2019 Simpay leadership implemented the Entrepreneurial Operating System (EOS) to manage the business through its next phase of growth.

“We are thrilled to have a reliable lending partner in Columbia Pacific Business Finance as we continue our EOS journey. Columbia Pacific Business Finance brings meaningful experience investing in both payment processing and software-as-a-service platforms and understands our plan for growing the Simpay brand,” said Lazaros Kalemis, CEO of Simpay.

Simpay, formerly known as Alpha Card Services, has been offering merchant services to small and medium sized business across the county for over 20 years. The company has evolved to now provide a suite of payment processing and ERP products to more than 2,800 active customers.

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