Los Angeles, CA (PRWEB) February 20, 2013
FastPay, a finance platform providing specialized lines of credit, announced today that it has placed over $100,000,000 in funding to over 100 ad-tech companies, content publishers, and other digital media businesses since launching in 2010.
FastPay addresses a major challenge confronting businesses operating in the global, multi-billion dollar digital ecosystem: lengthy and often growth-prohibitive payment cycles. An IAB survey indicates that nearly 80% of invoices take 60 days or longer to pay. FastPay’s credit lines have enabled clients to expand operations, negotiate favorable terms in multi-million dollar acquisitions, and expand their target markets.
"Debt financing options historically available to start-ups are onerous and riddled with fees, covenants, equity-kickers and personal guarantees. FastPay was unlike any financial partnership I'd previously encountered. Working with them enabled our company to take a large line of capital with nothing more than a reasonable interest rate. As a result we buttressed our cash flow - the lifeblood of any growth business - and strengthened our position when negotiating our recent acquisition by Everyday Health,” notes Paras P. Maniar, Founding Executive of EQAL.
“We launched FastPay with the goal of creating a streamlined solution that would empower founders by providing the capital they need to succeed without having to sacrifice ownership and control. We're proud of this benchmark but we are just getting started. In the past six months alone we've expanded into multiple market segments - all dealing with long payment cycles, be it from advertisers, FaceBook, Amazon, iTunes, and more. We expect this to only increase," said Jed Simon, CEO of FastPay.
FastPay continues to expand its lending into additional verticals, most recently including YouTube Channels and Facebook Preferred Marketing Developers (PMD) such as Compass Labs, a leading Facebook PMD founded by Dilip Venkatachari, the former chief of Google’s mobile ads unit.
To learn more about FastPay and its benefits, visit http://www.gofastpay.com.
FastPay is a finance platform providing specialized lines of credit to digital businesses. By combining proprietary technology with industry experience, FastPay can quickly assess the creditworthiness of a digital business and provide loans ranging from $100k to several million in under 48 hours to help their customers effectively manage their cash flow. Since 2010, FastPay has delivered over $100 million to businesses across the digital ecosystem.