FastPay Secures $25M in Funding
FastPay, a Los Angeles, CA-based tech-enabled finance platform servicing digital media businesses, has secured an additional $25m in funding.
The funding is comprised of a senior credit facility from Wells Fargo Capital Finance, part of Wells Fargo & Company (NYSE: WFC), and a subordinated debt and equity investment from SF Capital Group.
The company intends to use the funding to expand its sales and marketing efforts.
Led by Jed Simon, founder and CEO, FastPay offers credit lines up to $5m to companies across the digital landscape, including content publishers, social media marketers, digital creative studios and ad-tech businesses such as exchanges, demand side platforms (DSP) and agency trading desks.
In conjunction with the funding, SF Capital Group President Neil Wolfson and Howard Capital Management Managing Partner Jason Kaplan will join the company’s Board of Directors.