FastPay receives strategic investment from Citi Ventures

FastPay has received a strategic investment from Citi Ventures.

FastPay receives strategic investment from Citi Ventures

FastPay said it intends to use this investment to grow the flexible lending and financial solutions it delivers globally.

FastPay founder and CEO Jed Simon said: “FastPay’s unique understanding of finance, technology and digital business allows us to uniquely serve the world’s fastest growing industries. 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.”

Since inception, FastPay has originated nearly $1.5bn in loans to digital businesses and has integrated with accounting software providers, bank account monitoring, and all major media technology companies.

The company employs more than 70 people across its global offices in North America and Europe.

Citi Ventures managing director and co-head of venture capital Ramneek Gupta said: “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.

“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.”

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.