LOS ANGELES, CA, Finance platform servicing digital media businesses, has secured an additional $25 million in funding.
for more funding data on FastPay
To export FastPay funding data to PDF and Excel, click here
FastPay, the first-of-its-kind tech-enabled finance platform servicing digital media businesses, has secured an additional $25 million in funding. The funding is comprised of a senior credit facility from Wells Fargo Capital Finance and a subordinated debt and equity investment from SF Capital Group. This funding will be used to expand FastPay's sales and marketing initiatives while providing its clients with greater access to growth capital.
FastPay addresses a major challenge confronting businesses operating in the $100 billion digital ecosystem: lengthy and often growth-prohibitive payment cycles. An IAB survey indicated that nearly 80 percent of invoices take 60 days or longer to pay. To solve this working capital gap, FastPay offers credit lines up to $5 million to companies across the digital landscape, including content publishers, social media marketers, digital creative studios and ad-tech businesses such as exchanges, demand side platforms (DSP) and agency trading desks."
While innovative financing options have historically taken root across various industries, we saw an enormous void within the digital media space," said Jed Simon, founder and CEO of FastPay. "Until now, there was not a single financing source that addressed the excessively long payment cycles that most digital media businesses face. We launched FastPay with the goal of creating a streamlined solution that would provide critical liquidity to this rapidly growing industry."Using FastPay is simple. Applicants complete a brief online form and can receive funding in as little as forty eight hours.
"FastPay has been a lifesaver for us, literally. We feel very fortunate to have a partner that understands our business and is willing to underwrite and accelerate our growth." said David Segura, CEO and founder of Giant Media. "Our entire business revolves around executing campaigns on behalf of big brands which have extended payment cycles. FastPay has enabled us to take on more business and grow our team without worrying about cash flow, giving us the freedom and flexibility to focus on top line growth."
To learn more about FastPay and its benefits, visit http://www.gofastpay.com.
Headquartered in Los Angeles, CA, FastPay is a tech-enabled finance platform that helps digital media businesses overcome the struggle of long receivable cycles. FastPay has created a fully automated, streamlined solution that allows qualified companies to accelerate their payment cycles to provide the working capital they need to grow. Using FastPay, companies in this rapidly growing Internet ecosystem can fund their growth in an efficient, cost effective and equity-preserving manner. For more information, please visit: www.GoFastPay.com
or call 310.651.9200.