LOS ANGELES, CA--(Marketwire - February 10, 2011) - FastPay, a finance platform servicing the digital ecosystem, today announced a new funding round and general availability of its signature service, which provides advance payment solutions for digital publishers, marketers, and application and game developers. Formed by seasoned marketing, media and finance executives, the firm advances payments on advertising and other receivables to solve a common pain point in the industry by providing digital startups with much needed capital without experiencing the usual loss of equity or control.
"One of the greatest challenges confronting businesses in the digital marketplace is the painfully long payment cycle for ad revenue, which is often a company's principal source of income," says FastPay Founder and CEO Jed Simon. "This drives growing companies to seek equity funding, at the sake of ownership and control. We provide a better solution."
By utilizing finance strategies that have been used successfully in other sectors, FastPay gives access to much-needed capital to businesses that often fall through the cracks of VC's, commercial banks, and other traditional financing sources. After approval, companies can advance their payments on incoming revenue in as little as one day, versus the 60 to 120-day payment cycles standard in the industry.
"Traditional banks and finance companies simply don't understand the unique needs of our space and the necessity for on-demand capital to fuel rapid expansion," added Simon. "FastPay allows entrepreneurs to keep greater equity and control of their businesses as they grow, and be the long-term beneficiaries of their achievements."
According to eMarketer, online ad revenues are expected to increase by 10% this year to over $28 billion while Gartner Research forecasts app sales to reach $15 billion. By providing alternative financing solutions, FastPay enables businesses in these rapidly growing sectors to scale and grow efficiently.
About FastPay Partners
FastPay Partners is a tech-driven finance company formed by seasoned marketing, media, and finance executives. Leveraging over 50 years of cumulative experience, FastPay Partners provides custom solutions for digital media clients.
For more information, visit www.fastpaypartners.com.
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