Fintech company FastPay announces new strategic investment from Citi Ventures

FastPay, a leading fintech firm that provides lending and financial workflow solutions to digital businesses, has announced a newest strategic investment from Citi Ventures.

According to the official release, the investment between the companies will enable FastPay to grow its flexible lending and financial solutions, globally.

“FastPay’s unique understanding of fintech 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,” Jed Simon, founder and CEO of FastPay said.

FastPay has so far generated around $1.5 billion in loans to digital businesses. The company has collaborated with leading accounting software firms, bank account monitoring, and major media technology companies.

Headquartered in Silicon Valley, Citi Ventures accelerates innovation at Citi through a strategic focus on investing in, piloting and commercializing new solutions with the potential to transform the future of financial services. The firm’s recent investments include LiveNinja, BlueVine and Cylance.

“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,” Ramneek Gupta, Managing Director and co-head of Venture Capital at Citi Ventures said.