LOS ANGELES, Oct. 25, 2011 /PRNewswire/ -- FastPay (www.GoFastPay.com), the first-of-its-kind tech-enabled finance platform servicing ad-tech businesses, launched today with $25 million already deployed to dozens of digital media businesses. FastPay empowers early and mid-stage companies in this $29B industry to fund their growth in an efficient, cost effective and equity-preserving manner.
As the size of the digital ecosystem continues to surge, estimated to hit $100B by 2015,* so too have the lengthy and often growth-prohibitive payment cycles – with nearly 80 percent of invoices taking from 60 to 90 days or more to pay. ** Across the online advertising space, even the most successful content publishers, exchanges, demand side platforms (DSP), trading desks, social media marketers and digital creative studios are confronted with a key challenge; managing cash flow in order to continue their rapid growth without the loss of equity and control. To address this significant pain point, FastPay has developed a fully automated, streamlined solution that allows qualified companies to accelerate their payment cycles to provide the working capital they need to grow.
"While innovative financing options have historically taken root across various industries, we saw an enormous void within the digital media space. Until now, there was not one financing source that addressed the excessively long payment cycles most digital media companies face," said Jed Simon, founder and chief executive officer of FastPay. "We launched FastPay with the goal of creating a streamlined solution that would provide critical liquidity to this rapidly growing industry."
Commercial banks do not understand this unique Internet ecosystem and have shown a reluctance to provide credit to this sector. Digital businesses are often left with no other financing option other than raising equity, which can be costly, dilutive and time consuming.
FastPay has spent the last 18 months developing its platform and systems to allow these businesses to aggressively compete and grow. FastPay offers credit lines from $100,000 to $3 million or more. Companies can visit the site, fill out a brief form to begin the application process, and, if qualified, receive capital in as little as one business day. Using FastPay, companies across the digital ecosystem can have a critical edge for managing their cash flow and most importantly, boosting revenue.
Headquartered in Los Angeles, CA, FastPay is a tech-enabled finance platform that helps digital media businesses overcome the struggle of long receivable cycles. FastPay has created a fully automated, streamlined solution that allows qualified companies to accelerate their payment cycles to provide the working capital they need to grow. Using FastPay, companies in this rapidly growing Internet ecosystem can fund their growth in an efficient, cost effective and equity-preserving manner. For more information, please visit: www.GoFastPay.com or call 310.986.2050.