Fully Capitalized Fund Provides Loan to Finance the Purchase of a Residual Portfolio Comprising More Than 3,000 Merchants and Additional Capital for Future Growth
Columbia Pacific Business Finance (CPBF), a fully capitalized fund providing direct financing to emerging growth and middle market companies, announced it has provided an $18 million senior secured term loan facility to Level 3 Payments (L3P), a Miami-based electronic payments platform processor.
In partnership with Columbia Pacific, L3P has expanded its processing platform offerings and geographic footprint, continuing its growth strategy with its latest acquisition of more than 3,000 merchants and significant ongoing production from a sales force of over 75 partners.
“Card transaction volume has been steadily rising due to the increase in available consumer finance and fintech solutions, as well as shopper preferences shifting towards ecommerce and card transactions,” said Trent Stedman, managing director of CPBF. “Through the combination of an experienced management team, long-term relationships with leading processors and platforms, and its efficient operations, Level 3 Payments is able to deliver significant value to merchants, ISOs and agents, and provide shareholders with a highly scalable platform for growth.”
Level 3 Payments, with significant management experience in the payments industry, was formed in 2018 to provide innovative and secure solutions for online, mobile, and in-person businesses through its omni-channel payments technology platform. The company drives integrated payment and software solutions to businesses of all sizes in strategic vertical markets, marketing and reselling credit card, debit card, gift card, loyalty card, and other payment process services, including Integrated Software Vendors (ISVs).
“We are pleased to have a lending partner in Columbia Pacific Business Finance, which understands the significant opportunities available in the payments industry, as well as our company’s plans for rapid organic and acquisitive growth,” said Javier Abreu, Founder and CEO of Level 3 Payments.
According to a recent report from Business Insider, the coronavirus pandemic accelerated payment digitization two to three years by upending established spending trends and consumer habits.
ABOUT COLUMBIA PACIFIC BUSINESS FINANCE
Columbia Pacific Business Finance (CPBF) provides direct financing to emerging growth and middle market companies throughout the country. The fully capitalized fund delivers venture, bridge, and mezzanine debt solutions, offering flexibility and creativity to support its lending partners. Led by experienced investment professionals, the platform focuses on partnerships with businesses across a wide range of sectors. Its parent company, Columbia Pacific Advisors, manages $3.1 billion of alternative assets, including public and private equities. For more information, visit www.columbiapacific.com.