FastPay Secures $25 Million From WFCF, SF Capital Group
FastPay, a tech-enabled finance platform servicing digital media businesses, has secured an additional $25 million in funding, 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% 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.”
In connection with the funding, SF Capital Group president Neil Wolfson and Howard Capital Management managing partner Jason Kaplan will join the FastPay Board of Directors.