FastPay gets Citi backing for digital media lending

Online lenders might be having a tough year but that’s not holding back FastPay.

The digital-businesses lender and financial workflow provider just landed a new round of funding from Citi Ventures, the banking giant’s investment arm.

The size of the strategic investment is undisclosed.

The LA-based company specialises in loans to digital media publishers, agencies, adtech companies and app developers.

FastPay says it will use the capital to expand the lending and financial services it offers.

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

Since launching in 2009 the company claims it has originated $1.2bn in loans to digital businesses, including 3,000 advertisers.

Copyright © 2016 FINTECH GLOBAL

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