The OLB Group, Inc. Announces Completion of an Early Payoff of its $7.7 Million Acquisition-Related Senior Term Loan
March 12, 2021 at 07:59 am EST
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The OLB Group, Inc. announced that it completed an early payoff of its $7.7 million acquisition-related senior term loan originated in April 2018. Eliminating the debt, will save the Company approximately $0.72 million in interest annually and released the Company from the related restrictive covenants on the business.
The OLB Group, Inc. is a diversified Fintech eCommerce merchant services provider and Bitcoin crypto mining enterprise. Its eCommerce platform delivers cloud-based merchant services for a comprehensive digital commerce solution to over 10,300 merchants in diversified market sectors in all 50 states. Its business functions through three subsidiaries, eVance, Inc. (eVance), OmniSoft.io, Inc. (OmniSoft), and CrowdPay.Us, Inc. (CrowdPay). OmniSoft operates a cloud-based business management platform that provides turnkey solutions for merchants to enable them to build and manage their retail businesses. eVance provides competitive payment processing solutions to merchants, which enable merchants to process credit and debit card-based internet payments for sales of their products. CrowdPay.US operates a white label capital raising platform that targets small and midsized businesses seeking to raise capital. DMint, a subsidiary of the Company, is engaged in the mining of Bitcoin in Tennessee.
THE OLB GROUP, INC. 
