LOS ANGELES, CA--(Marketwired - Nov 7, 2016) - FastPay, a leading financial technology company that provides lending and financial workflow solutions to digital businesses, today announced a partner-finance program with Hitachi Capital America Corp., (Hitachi) to provide liquidity to enterprise-segment clients within the digital economy.
The program is designed as a differentiated approach to market enabling a newly created product, FastPay for Enterprise (FPE). FastPay for Enterprise is designed to support companies in the digital media sector with working capital loans of $10M or more. The facility is expected to originate over $100M USD in loans within the first year.
"Right now, digital media companies compete vigorously to drive billions of dollars of spend. Yet, their rapid path to becoming a public or enterprise-level organization requires significant investment in order to stay innovative and competitive. FastPay for Enterprise, with Hitachi as our partner, is primed to accelerate growth for the most innovative companies in the space. We're also excited about the strategic benefits and expertise that come with the Hitachi relationship," said FastPay CEO, Jed Simon.
"This unique alliance allows Hitachi to fund digital innovation for a FinTech company at a larger scale than ever before, while also equipping FastPay to service the enterprise segment of the market in the most valuable way," said Hitachi's Tim King, Executive Director. "Earlier this year Hitachi Ltd. and Hitachi America Ltd. announced the opening of the Global Center for Social Innovation (CSINA) and the FinTech Innovation Laboratory to accelerate our collaboration efforts directly with financial institutions such as FastPay. As such, we're extremely excited about the scale, magnitude and power of our new arrangement with FastPay."
Available immediately, The FastPay For Enterprise Facility is supported by Hitachi Capital America's Trade Finance division. The new solution allows Buyers to obtain $10M or more in working capital with unprecedented flexibility. Until now, fast-growing digital media enterprises have struggled to find the right growth acceleration solutions. 'FastPay for Enterprise' provides a flexible alternative to traditional financing and helps even larger digital media companies to avoid ownership dilution and invest in further growth. This new financing from Hitachi supplements FastPay's existing facility with Wells Fargo.
FastPay is a financial technology platform providing credit and payment solutions to digital industries. Leveraging proprietary technology and analytics, FastPay dynamically assesses the creditworthiness of borrowers and can issue working capital loans from $5K to $20M+ in 48 hours or less. Since inception, FastPay has originated nearly $1.5B in loans and has access to hundreds of millions in deployable capital from capital partners including Citibank, Wells Fargo, SF Capital and Hitachi Capital America. Headquartered in Los Angeles CA, FastPay has offices in San Francisco, New York, and London.
Hitachi, Ltd. (TSE: 6501), headquartered in Tokyo, Japan, delivers innovations that answer society's challenges. The Hitachi Group is a global leader in the Social Innovation Business, and it has approximately 335,000 employees worldwide. Through collaborative creation, Hitachi is providing solutions to customers in a broad range of sectors, including Power / Energy, Industry / Distribution / Water, Urban Development, and Finance / Government & Public / Healthcare. http://www.hitachi.com
About Hitachi Capital America
Hitachi Capital America Corp. is an independent, diversified leasing and financial services company providing financing to commercial businesses and other Hitachi companies in the United States. We offer a variety of asset-based financing solutions, including trade finance, asset-based lending, structured finance, vendor finance and medium/small ticket finance. http://www.hitachicapitalamerica.com