LOS ANGELES, Sept. 4, 2019 /PRNewswire/ -- FastPay announced today the creation of a receivables securitization program with a first tranche of $80M, and senior funding and trade insurance provided by AIG. This program will offer significant capital to the media and technology sector and allow FastPay to open the door for larger, global media and tech clients to access working capital backed by their trade accounts receivable.
AIG is providing senior funding, specialist trade finance insurance, and back-up servicing with additional funding provided by an investment vehicle managed by Cairn Capital. Available immediately, this FastPay facility allows enterprise companies to secure working capital within a structure custom-built for the needs of the media industry.
"Digital media companies continue to innovate and evolve technologies to increase ROI for their customers. This requires substantial investment and access to multiple capital sources to stay competitive," said Secil Baysal, President and COO of FastPay. "We are pleased to partner with AIG, a company with a rich history and strong track record in trade insurance and investment management, which makes it a good fit for FastPay and our clients."
To date, FastPay has secured the movement of more than $6B in capital, providing liquidity and reducing financial friction for both buyers and sellers throughout the media and technology industry. The company has more than 90 team members across its global offices in North America and Europe.
FastPay is a financial technology platform that reduces friction and unlocks capital for buyers and sellers across the media landscape. Since its inception in 2009, FastPay has secured the movement of more than $6B in capital providing access to hundreds of millions of dollars in deployable capital from partners including Citibank, Wells Fargo, and Oak HC/FT. Its leadership team brings decades of credit and payments experience from Green Dot Corporation, Capital One, Morgan Stanley, Goldman Sachs, and Skrill. Headquartered in Los Angeles, FastPay has offices in San Francisco, New York, London, and Boston. Visit www.gofastpay.com.
American International Group, Inc. (AIG) is a leading global insurance organization. Building on 100 years of experience, today AIG member companies provide a wide range of property-casualty insurance, life insurance, retirement products, and other financial services to customers in more than 80 countries and jurisdictions.
These diverse offerings include products and services that help businesses and individuals protect their assets, manage risks and provide for retirement security. AIG common stock is listed on the New York Stock Exchange.
Additional information about AIG can be found at www.aig.com | YouTube: www.youtube.com/aig | Twitter: @AIGinsurance www.twitter.com/AIGinsurance | LinkedIn: www.linkedin.com/company/aig. These references with additional information about AIG have been provided as a convenience, and the information contained on such websites is not incorporated by reference into this press release.
AIG is the marketing name for the worldwide property-casualty, life and retirement, and general insurance operations of American International Group, Inc. For additional information, please visit our website at www.aig.com. All products and services are written or provided by subsidiaries or affiliates of American International Group, Inc. Products or services may not be available in all countries, and coverage is subject to actual policy language. Non-insurance products and services may be provided by independent third parties. Certain property-casualty coverages may be provided by a surplus lines insurer. Surplus lines insurers do not generally participate in state guaranty funds, and insureds are therefore not protected by such funds.
About Cairn Capital
Cairn Capital Limited ("Cairn Capital") is a European alternative credit manager and an affiliate of Mediobanca S.p.A. Cairn Capital was founded in 2004 and provides a full range of credit asset management and advisory services. As of 30 June 2019, Cairn Capital had over $4.5bn in assets under management or advice1. Funds and accounts managed or advised by Cairn Capital invest in a diverse range of credit assets which include, among others, private credit and specialty finance. Please see https://www.cairncapital.com/ for additional information.
1 Assets under management or advice figure includes collateralized loan obligations (CLOs) under management of Cairn Loan Investments LLP. Cairn Loan Investments LLP is not an affiliate of Cairn but it was established by Cairn and Cairn provides support services to it.