Monday, June 25, 2012
FastPay Gets $25M
Los Angeles-based FastPay, which provides receivables financing for digital media businesses, said this morning that it has raised $25M in funding. The funding included a senior credit facility from Wells Fargo Capital Finance and a subordinated debt and equity investment from SF Capital Group. FastPay, which is led by Jed Simon, helps companies deal with the extremely long payment cycles online sites deal with when using online advertising networks and others--usually, longer than 60 days. FastPay offers up credit lines of up to $5M to online content publishers, social marketers, and others to provide better liquidity to those firms.