AvidXchange Welcomes FastPay

Posted on July 12, 2021

AvidXchange Welcomes FastPay as an AvidXchange Company, Extending Its Vertical Expertise Within the Media Industry

 

Charlotte, NC (July 12, 2021) – AvidXchange, the leading provider of accounts payable (AP) and payment automation solutions for the middle market, today announced that FastPay, a leading provider of payments automation solutions for the media industry, is joining AvidXchange. Through this deal, AvidXchange expands its portfolio of automated payments technologies and services to middle market companies across the media landscape in the U.S.

Founded in 2009, FastPay leverages proprietary technology and analytics to offer a portfolio of solutions with access to more than 70,000 media suppliers in its database. FastPay addresses inefficient payment processes and long payment terms experienced across the industry by brands, agencies and media suppliers. 

“FastPay’s expertise and purpose-built set of payments automation solutions for the media industry are what excited us about the potential to have FastPay become a part of AvidXchange,” said Michael Praeger, CEO and Co-Founder of AvidXchange. “We work hard to identify companies that service specific verticals across the middle market, with an interest in those that have developed and continue to enhance their technologies to better the day-to-day finance operations of its customers. This is exactly what FastPay delivers, supported by a very talented team with deep media industry expertise.”

“We’ve spent more than 10 years developing our products based on the needs of the evolving media industry landscape, and we’re thrilled to join the AvidXchange family as the next step in our continued growth,” said Jed Simon, CEO of FastPay. “FastPay and AvidXchange share similar core values with relentless focus on the success of both our clients and teammates.”

FastPay will become known as “FastPay, an AvidXchange company” officially today, making it the newest business to join the AvidXchange family, and will be led by Secil Baysal who will take on the role of SVP/GM of Media.  Other recent acquisitions include Core Associates (“Core Associates, an AvidXchange company”), the makers of TimberScan and complementary AP solutions trusted by more than 30,000 construction industry professionals nationwide; and BankTEL (“BankTEL, an AvidXchange company”), a provider of accounting solutions to more than 20 percent of banks across the U.S.

Paul Hastings LLP represented AvidXchange in connection with the deal. Financial Technology Partners LP and FTP Securities LLC (“FT Partners”) served as the exclusive financial and strategic advisor to AvidXchange in this transaction. Deutsche Bank Securities, Inc. served as exclusive financial advisor and Goodwin Procter LLP served as legal advisor to FastPay.

To learn more about FastPay, visit www.gofastpay.com.

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About AvidXchange™
AvidXchange is the industry leader in automating invoice and payment processes for mid-market businesses with 1,500 employees supporting more than 7,000 customers across North America. AvidXchange processed 53 million transactions with over $145 billion in spend under management in 2020 and has paid more than 700,000 suppliers through its network over the last five years. To learn more about how AvidXchange is transforming the way companies pay their bills, visit www.AvidXchange.com.

Media contact:
Olivia Sorrells
osorrells@avidxchange.com
980-643-7889

FastPay Provides Business Continuity to Media Agencies and Suppliers Working Remotely

Posted on April 22, 2020

FastPay data shows 40% decrease in ad spending, 20% slowdown in payment timing (DSOs), accompanied by 3x increase in FastPay loan requests

LOS ANGELES, April 22 2020 — 

As the majority of the United States is asked to work remotely and practice social distancing, FastPay’s ePay, Capital, and FastPay Network solutions have helped media agencies and media suppliers continue to operate. ePay and FastPay Network are automating payments for agencies and suppliers who formerly relied on checks, while the Capital solution is arming media tech firms and publishers with access to liquidity they need to maintain business as usual. 

“In these uncertain times, we’re hearing from many agencies and media suppliers about the importance of payment automation to maintain business continuity.  Over the last thirty days, we’ve seen an increased need for capital across the ecosystem as companies look for additional sources of revenue. Thankfully, we’re in a position to help.” said Jed Simon CEO and Founder of FastPay. 

In the month of April alone, FastPay’s proprietary data revealed a 24% decline in payment volume and a 20% increase in payment delays. Requests for capital have surged by 277%. Media buying on a programmatic basis was down 40% according to FastPay’s payment data. The media organizations seeing the biggest negative impact are those that have relied too much on checks for too long and are struggling to work remotely. 

According to Zehnder Communications CFO Jeremy Hunnewell, “Working remotely has been an impetus for us to look at how we can move more of our processes from paper to digital. Our partnership with FastPay has been critical in how we pay our vendors quickly, securely and safely.”  

With shelter-in-place restrictions likely to continue, media companies responsible for informing and entertaining a quarantined public are rushing to apply more automation to their backend payment systems. FastPay predicts that this turn to automation is here to stay even as national restrictions are lifted and is proud to provide financial support to media businesses in this time of crisis. 

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 $7B 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 New York and Framingham, MA. For more information, please visit https://gofastpay.com/ .

Media and press inquiries, contact Kyle Mears at kyle.mears@gofastpay.com.