FastPay Gets Strategic Funding From Citi Ventures

Los Angeles-based FastPay, which provides working capital loans to digital businesses, has scored a strategic funding round from Citi Ventures, according to the company. The size of that investment was not announced. The company, led by Jed Simon, helps companies who have a long accounts payable cycle--such as online publishers and mobile app developers--cover working capital needs. FastPay ays that so far, it has originated nearly $1.5 billion in loans, and now has more than 70 employees. FastPay said in January that it had just hit the $1 billion loan mark, so the company is apparently seeing acceleration in its loan business.