FastPay entered into a partner-finance program with Hitachi Capital America to provide liquidity to enterprise-segment clients within the digital economy.
The program is designed as a differentiated approach to market enabling a newly created product, FastPay for Enterprise, which is designed to support companies in the digital media sector with working capital loans of $10 million or more. The facility is expected to originate more than $100 million in loans within the first year.
“Right now, digital media companies compete vigorously to drive billions of dollars of spend. Yet, their rapid path to becoming a public or enterprise-level organization requires significant investment in order to stay innovative and competitive,” said FastPay CEO Jed Simon. “FastPay for Enterprise, with Hitachi as our partner, is primed to accelerate growth for the most innovative companies in the space. We’re also excited about the strategic benefits and expertise that come with the Hitachi relationship.”
“This unique alliance allows Hitachi to fund digital innovation for a fintech company at a larger scale than ever before, while also equipping FastPay to service the enterprise segment of the market in the most valuable way,” said Hitachi’s Tim King, executive director. “Earlier this year Hitachi Ltd. and Hitachi America Ltd. announced the opening of the Global Center for Social Innovation (CSINA) and the fintech Innovation Laboratory to accelerate our collaboration efforts directly with financial institutions such as FastPay. As such, we’re extremely excited about the scale, magnitude and power of our new arrangement with FastPay.”
Available immediately, the FastPay for Enterprise facility is supported by Hitachi Capital America’s Trade Finance division.
FastPay is a financial technology platform providing credit and payment solutions to digital industries.