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."
Contributed | what does this mean?