Leading FinTech Company Raises Growth Equity from Oak HC/FT
LOS ANGELES, CA (November 20, 2014)—FastPay, the definitive financial platform providing workflow and liquidity solutions for the global media industry, has raised $15 million from Oak HC/FT to support FastPay’s continued growth, development of proprietary technology and acquisition of strategic new hires. The investment is the first FinTech investment from Oak HC/FT’s recently launched $500 million growth-equity fund.
FastPay offers a comprehensive portfolio of financial products and services designed specifically for global media. This includes FastPay’s invoice finance and workflow solutions that enable media entrepreneurs to access flexible growth capital and to operate and scale their businesses more efficiently. FastPay works with a wide variety of media businesses, including advertising agencies, DSPs, SSPs, RTB advertising exchanges, web publishers, creative agencies and app developers.
“The media industry is extremely dynamic and constantly innovating, which necessitates equally robust financial solutions. With Oak HC/FT’s investment, FastPay will continue to transform the financial interactions between global media supply and demand partners by providing flexible capital options, reducing invoicing friction-points, and facilitating the media supply chain,” said founder and CEO Jed Simon.
“FastPay is the innovator and market leader in invoice financing and payable automation for global media,” added Oak HC/FT General Partner Patricia Kemp. “Our decision to invest in FastPay was driven by the strength and vision of its management team, as well as their track record and deep industry expertise.”
FastPay leverages its extensive industry knowledge and experience to provide flexible financing options to clients. Since inception, FastPay has originated nearly $500 million in loans to hundreds of companies, enabling business owners to focus on growth and strategy.
Financial Technology Partners LP and FTP Securities LLC (“FT Partners”) served as exclusive strategic and financial advisor to FastPay in this transaction.
Founded in 2009, with offices in Los Angeles and New York, FastPay is the market-leading provider of liquidity and financial workflow solutions to the global digital media industry. Through its proprietary technology platform, IGNITE, FastPay can dynamically assess the credit of digital media businesses and deploy payment workflow solutions for media businesses globally. For more information on FastPay, please visit gofastpay.com.
About Oak HC/FT:
Oak HC/FT (http://oakhcft.com/) is the premier venture growth-equity fund investing in Healthcare Information & Services (“HC”) and Financial Services Technology (“FT”). We are focused on driving transformation in these industries by providing entrepreneurs and companies with strategic counsel, board-level participation, business plan execution and access to our extensive network of industry leaders. Oak HC/FT is led by the Healthcare and FinTech team of Oak Investment Partners as part of Oak’s strategy to develop sector-specific funds and continue its legacy of building best-in-class businesses.