Net Element, a provider of global mobile payment technology solutions and transactional services, closed a renewal of its credit facility that included an increase to $15 million from lender RBL Capital. The company also reached a debt exchange agreement with Crede CG III under which Net Element may exchange up to $5 million on of indebtedness under certain promissory notes through December 31, 2016.

“The $15 million credit facility extended to the company by RBL Capital coupled with the debt exchange will be used to accelerate the company’s organic and acquisition growth initiatives,” a Net Element spokesperson said. “This $15 million credit facility replaces the company’s $10 million credit facility with RBL Capital that has expired.”

Net Element is a global payments-as-a-service company, operating as a technology provider with an integrated mobile and transactional services platform serving emerging market clients. It operates through North America Transaction Solutions, Mobile Solutions and Online Solutions segments.