IFAN Financial, Inc. announced that it has closed a funding agreement with Sea Otter Global Ventures, LLC, manager of SBI Investments, LLC for $2,500,000. The financing is comprised of two parts a $500,000 secured promissory note and a $2,000,000 equity line of credit. The 12-month loan is secured by insider stock, and carries a 10% annual interest rate, payable quarterly in cash.

Sea Otter provided half of the loan upon closing, and the other half will be released upon filing of the S-1 registration statement. The equity line of credit commits Sea Otter to purchase up to $2,000,000 of IFAN Financial common stock following the effectiveness of the S-1 over the next 18 months. The purchase price will be the lesser of a 20% discount to Market Price (taken to be the average of the 3 lowest volume weighted average prices of the stock during the five consecutive trading days prior to notice by IFAN to draw on the line of credit) or a 15% discount to the price on the fifth trading day of the pricing period.

IFAN have full jurisdiction on the facility which allows the company to control share purchases and minimize dilution. This financing follows IFAN's recent announcement that has been selected by digital branding agency Blue Like Neon to provide it with cutting-edge mobile payments solutions. Blue Like Neon utilizes a multi-pronged, market enhancement strategy to create campaigns that allow clients to better engage with their customers.

These campaigns are also designed to increase visibility and retention. IFAN Financial's mobile gateway will enhance this approach by providing Blue Like Neon with a social commerce platform that may be customized for each client's unique needs.