FastPay announced today the creation of a receivables securitization program with the first tranche of $80M, and senior funding and trade insurance provided by AIG. This program will offer significant capital to the media and technology sector and allow FastPay to open the door for larger, global media and tech clients to access working capital backed by their trade accounts receivable.
AIG is providing senior funding, specialist trade finance insurance, and back-up servicing with additional funding provided by an investment vehicle managed by Cairn Capital. Available immediately, this FastPay facility allows enterprise companies to secure working capital within a structure custom-built for the needs of the media industry.
“Digital media companies continue to innovate and evolve technologies to increase ROI for their customers. This requires substantial investment and access to multiple capital sources to stay competitive,” said Secil Baysal, President and COO of FastPay. “We are pleased to partner with AIG, a company with a rich history and strong track record in trade insurance and investment management, which makes it a good fit for FastPay and our clients.”
To date, FastPay has secured the movement of more than $6B in capital, providing liquidity and reducing financial friction for both buyers and sellers throughout the media and technology industry. The company has more than 90 team members across its global offices in North America and Europe.
