FastPay

FastPay is a Los Angeles, California-based financial technology company that provides specialized payment processing solutions and automated back-office workflows designed for the media ecosystem. Operating with a workforce of 74 employees across its headquarters and additional offices in New York and Boston, the firm facilitates complex transactions between advertisers, agencies, suppliers, and technology providers. Since its inception, the enterprise has originated over $6 billion in total transaction volume by streamlining financial operations within the media payments sector. The company's strategic growth has been guided by notable industry figures, including board member Patricia Kemp from the venture capital firm Oak HC/FT. Expanding its footprint in the corporate payments landscape, the business was eventually acquired by the accounts payable software provider AvidXchange. FastPay was originally founded in 2009 by entrepreneur and chief executive Jed Simon.

High-Level Overview

FastPay was a fintech company specializing in payment and liquidity solutions for the global media industry. It provided smarter payments, capital access, and back-office workflows to advertisers, agencies, suppliers, and technology firms, reducing friction in media transactions and enabling faster capital unlocking across the ecosystem.[1][3] Headquartered in Los Angeles with offices in New York, San Francisco, Boston, and London, FastPay originated over $6 billion in transaction volume since inception, served a database of 60,000+ media suppliers, and reported estimated annual revenue of $11.1M with 85 employees as of recent estimates.[1][3] The company raised $58.5M–$69M in total funding across multiple rounds and was acquired by AvidXchange on July 12, 2021, marking its transition into a larger accounts payable automation platform.[4][6]

Origin Story

FastPay was founded in 2009 by Jed Simon, who identified inefficiencies in media finance and payments, leading to the development of a comprehensive B2B platform for accelerating transactions in the digital media sector.[2][3] Simon, as CEO, leveraged deep industry expertise to create solutions like the proprietary IGNITE platform for credit assessment and payment workflows.[2] Early growth included originating nearly $500M in loans by 2014, followed by key funding such as a $15M growth equity round from Oak HC/FT in November 2014 to expand technology and hires.[2][5] Pivotal moments included strategic investments like Citi Ventures in 2016 and an $80M credit facility for client Videology in 2017, building traction in media financing.[1][4]

Core Differentiators

FastPay stood out in the fintech space through media-specific innovations:

• Proprietary technology and data: The IGNITE platform enabled dynamic credit assessment, automated payments, reconciliation, and reporting in a single system, digitizing the "last mile" of supplier payments without replacing existing infrastructure.[2][3]
• Industry expertise: Over a decade of media knowledge powered a 60,000+ supplier database, flexible financing, and tailored workflows that improved liquidity, efficiency, and cost reduction for buyers and sellers.[1][3]
• Capital and scale: Vast resources supported $6B+ in transaction volume, with acquisitions like AnchorOps in 2017 enhancing capabilities and investments in clients like Videology demonstrating ecosystem impact.[3][4]
• User-centric design: Focused on speed, ease, and visibility into cash flow, allowing collaborative use of multiple payment methods while reducing invoicing friction.[3]

Role in the Broader Tech Landscape

FastPay rode the wave of digital media transformation and fintech disruption in payments, addressing slow invoicing and capital constraints in a dynamic industry shifting toward programmatic advertising and global supply chains.[1][2] Its timing aligned with rising demand for embedded finance in media—post-2009 amid digital ad growth—where traditional banking lagged, enabling FastPay to originate billions in volume and influence liquidity for hundreds of companies.[3][4] Market forces like electronic payment adoption and supply chain digitization favored its model, positioning it as a leader before consolidation via AvidXchange acquisition, which expanded its reach into broader B2B automation amid ongoing fintech M&A trends.[6]

Quick Take & Future Outlook

Post-acquisition by AvidXchange in 2021, FastPay's technology integrates into a scaled AP automation powerhouse, likely accelerating its media-focused tools toward enterprise-wide adoption.[4][6] Trends like AI-driven payments, real-time global transactions, and media's converged TV/adtech evolution will shape its legacy, potentially influencing AvidXchange's expansion into adjacent verticals.[1][3] Its influence may evolve from niche innovator to foundational component in unified fintech workflows, unlocking capital in fragmented ecosystems much like it did for media buyers and sellers at inception.