Wednesday, February 20, 2013
FastPay Tops $100M In Funding To Customers
Los Angeles-based FastPay, which provides specialized line of credit to online publishers, e-commerce companies, videogame companies, and other digital media companies, reports this morning that it has placed over $100M in funding to over 100 customers since its launch in 2010. The company, which is headed by Jed Simon, offers up short term credit lines to web publishers and other digital businesses who typically face 60 day or longer payment cycles.
The firm says it recently expanded into a number of verticals, including YouTube Channels, and Facebook Preferred Marketing Developers. The firm says it already serves companies facing long payment cycles from online advertisers, Facebook, Amazon, iTunes, and others. The firm came into existence when Simon realized the sheer number of businesses who were facing cash flow issues due to the long payment cycles inherent in online ad models, particularly with online publishing, application development, and game developers.