Tuesday, October 25, 2011
FastPay Takes On Financing For Internet Publishers
A new, Los Angeles startup, FastPay, headed by Jed Simon, said today that it has launched its service, which provides payment financing for online publishers. The firm said it has so far deployed more than $25M in financing to companies, which allows those companies to collect payments faster than usual terms of online advertisers, helping them to manage their cash flow better. FastPay essentially provides receivables financing to publishers, who--due to standard industry practice--usually see a large gap between when they provide services, and when they receive payments from online advertisers. The firm said it offers credit lines ranging from $100,000 to $3M. Simon has previously been at DreamWorks and Morgan Stanley.