Newtek Business Services Corp.’s portfolio company hires David Simon as Chief Operating Officer of Newtek Merchant Solutions

BOCA RATON, Florida, March 22, 2021 (GLOBE NEWSWIRE) – Newtek Business Services Corp.., (Nasdaq: NEWT), an internally managed business development company (“BDC”), today announced that David Simon has joined Newtek Merchant Solutions (“NMS”), one of Newtek’s payment processing portfolio companies, as Chief Operating Officer. Mr. Simon will also serve as an advisor to the CEO of Newtek to Newtek Business Services Corp.

Mr. Simon comes to NMS with over 25 years of financial services and banking experience and an extensive background in electronic payments, banking, and credit, debit and prepaid cards for the consumer, small business and corporate finance sectors. Most recently, Mr. Simon was Senior Vice President, Global Head of Small Business and Medium Enterprises (SME) at Visa, Inc., where he served as global director of Visa’s credit and debit payment products and services for small businesses. Prior to Visa, Mr. Simon was the founder and CEO of a prepaid card program manager and payout company, TriStar Payments, which enabled billions in payments for corporate customers via prepaid cards and electronic transfers. Simultaneously, Mr. Simon was Head of Prepaid and Credit Cards and Senior Advisor for Payment Solutions for One West Bank (now CIT Bank). He also spent 13 years at Citigroup in a variety of leadership roles including Executive Vice President, Customer Engagement, Cross Sell and Channel Management, and was a member of Citigroup’s Management Committee. Early in his career, he was Executive Vice President, Office of the Chairman and Citi Analytics at CitiCards, NA, and led CitiCards’ small business organization, led internet business development worldwide, and served as electronic commerce counsel. Mr. Simon began his professional career as Counsel to the Board of Governors of the Federal Reserve System where he focused on bank mergers, acquisitions and e-commerce matters.

Mr. Simon holds a Bachelor of Arts from the University of Michigan and a Juris Doctor Degree magna cum laude from Boston University School of Law.

Barry Sloane, President, Chairman and CEO, commented, “We are pleased to announce that David Simon has been successfully recruited to join Newtek Merchant Solutions as Chief Operating Officer and as a direct advisor to my office to help the company execute to help its strategic goals goals and ambitions. David’s experience and execution skills with some of the world’s largest banking and payments companies will give Newtek a huge boost in expanding its payments business and offering of solutions delivered to independent business owners under the Newtek brand. We believe David’s knowledge of payments and, more importantly, his understanding of the customer experience will certainly better equip Newtek as it grows, and we appreciate the talent and desire he brings to our company. David’s hiring brings us a world class leader in a role as the change agent that is mandatory in this fast changing market. We are proud to announce this enormous personnel acquisition. “

About Newtek Business Services Corp.

Newtek Business Services Corp., Your company for business solutions®, is an internally managed BDC that, along with its controlled portfolio companies, provides a wide range of business and financial solutions under the Newtek. offers® Brand to the market for small and medium-sized enterprises (“SMEs”). Since 1999, Newtek has provided state-of-the-art, cost-effective products and services and efficient business strategies to SMB relationships in all 50 states to help them increase sales, control expenses and reduce risk.

Newtek and its portfolio companies products and services include: Corporate Loans, SBA Loan Solutions, Electronic payment processing, Technology solutions (cloud computing, Data backup, storage and retrieval, IT consulting), E-commerce, Debt financing & inventory financing, Insurance solutions, Internet services, and Payroll and benefits solutions.

Newtek® and your business solutions company®, are registered trademarks of Newtek Business Services Corp.

Cautionary Note on Forward-Looking Statements

This press release contains certain forward-looking statements. Words such as “believes”, “intends”, “expects”, “projected”, “anticipates”, “projected”, “target” and “future” or similar expressions are intended to identify forward-looking statements. All forward-looking statements involve a number of risks and uncertainties that could cause actual results to differ materially from the plans, intentions and expectations expressed or suggested in the forward-looking statements. These risks and uncertainties include, but are not limited to, increased competition, operational problems and their impact on sales and profit margins, expected future business strategies and financial performance, expected future customer numbers, business prospects, legal developments and similar matters. Risk factors, cautionary statements, and other conditions that could cause Newtek’s actual results to differ from management’s current expectations are included in Newtek’s filings with the Securities and Exchange Commission and available at Newtek advises you that forward-looking statements are not guarantees of future performance and that actual results or developments may differ materially from those projected or implied in these statements.

SOURCE: Newtek Business Services Corp.

Investor Relations & Public Relations
Contact: Jayne Cavuoto
Phone: (212) 273-8179 / [email protected]

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