LOS ANGELES, CA–(Marketwired – Sep 14, 2016) – FastPay, a leading financial technology company that provides lending and financial workflow solutions to digital businesses, today announced the close of a strategic investment from Citi Ventures. This investment will enable FastPay to grow the flexible lending and financial solutions it delivers globally. Citi Ventures accelerates innovation at Citi through a strategic focus on investing and the commercialization of new solutions with the potential to transform the future of financial services. Other recent Citi Ventures investments include LiveNinja, BlueVine and Cylance.
“FastPay’s unique understanding of finance, technology and digital business allows us to uniquely serve the world’s fastest growing industries,” said Jed Simon, Founder and CEO of FastPay. “We are thrilled to partner with Citi Ventures and access the global reach and expertise of a leading global organization as we expand our services and reach new customers.”
To date, FastPay has originated nearly $1.5 Billion (USD) in loans to digital businesses and has integrated with accounting software providers, bank account monitoring, and all major media technology companies. The company has an employee base of more than 70 team members across its global offices in North America and Europe.
“FastPay’s lending and financial workflow solutions are uniquely tailored to the digital advertising vertical and address a critical need in this fast growing space,” said Ramneek Gupta, Managing Director and co-Head of Venture Capital at Citi Ventures. “In partnering with FastPay, we’re looking forward to helping increase the access and availability of capital to leading ad tech innovators so they can focus their time and expertise on connecting advertisers to the right customers.”
FastPay is a financial platform that provides credit and payment solutions to digital industries. Through proprietary technology, FastPay dynamically assesses the creditworthiness of borrowers and issues working capital loans between $5K and $20M in 48 hours or less. Since inception, FastPay has originated nearly $1.5BN in loans and has access to hundreds of millions in deployable capital from Wells Fargo, AloStar, Everbank, SF Capital and a private investor marketplace. Headquartered in Los Angeles, Calif., FastPay has offices in San Francisco, New York, and London.
About Citi Ventures
Citi Ventures accelerates innovation at Citi through a strategic focus on investing in, piloting and commercializing new solutions with the potential to transform the future of financial services. Headquartered in Silicon Valley with offices in San Francisco and New York, Citi Ventures aims to cultivate next-generation experiences for Citi’s customers by investing in startups, experimenting with new technologies through its global lab network, and driving enterprise-wide, lean startup-based growth initiatives across Citi’s businesses. The team focuses in five key areas: Financial Services & Technology, Commerce & Payments, Security & Enterprise IT, Big Data & Analytics, and Marketing & Customer Experience. Citi Ventures accelerates its portfolio companies’ ability to scale through collaboration with Citi’s global businesses and industry experts. For more information visit: http://ventures.citi.com/