FastPay is excited to announce our recent partnership with American International Group, Inc. (AIG) to bring significant capital to the media and technology sector with a receivables securitization program. This facility will open the door for larger, global media and tech clients to access working capital backed by their trade accounts receivable.
“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.”
Available immediately, enterprise companies can secure $80M+ in working capital within a structure custom-built to meet the needs of the media industry. As the only working capital solution designed for the media industry, we understand the unique pain points digital media companies are facing daily. This partnership will allow our clients to scale and grow their business without the hassle of big banks requiring covenants, warrants, and onerous restrictions.
“Companies throughout the advertising industry are plagued by capital providers that penalize them for having slow-paying customers, even when those customers are marquee brand names,” said Maytal Shainberg, SVP of Business Development and Origination at FastPay. “Many capital providers also burden these companies with onerous and thoughtless covenants. At FastPay, we take a different approach. We work with our customers to develop a deeper understanding of their capital needs and find creative solutions that other capital providers may ignore. I’m proud of what FastPay has created and I’m excited about the possibilities to come from our partnership with AIG.”
According to a report by PWC, 82% of traditional financial organizations plan to increase collaboration with fintech companies in the next three to five years. This partnership is just one of the many that we can expect to see. The first tranche of our fund with AIG is nearly filled so if your company is interested in applying, contact us here.