FastPay, a fintech company that provides lending and financial workflow solutions to digital businesses, announced on Monday it has teamed up with Hitachi Capital America Corp. to launch a new partner-finance program, which was designed to enable newly created product, FastPay for Enterprise.
FastPay For Enterprise is reportedly designed to support companies in a digital media sector with working capital loans of $10 million or more. The new facility is expected to originate over $100 million in loans within the first year. Sharing more details, FastPay CEO, Jed Simon, stated:
“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.”
Hitachi’s executive director, Tim King, added:
“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. 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.”
The FastPay For Enterprise Facility is available now and is supported by Hitachi Capital America’s Trade Finance division.