FastPay Tops $1 Billion In Loans

Los Angeles-based FastPay, the online lending startup led by Jed Simon, says that it has just topped $1 billion in cumulative loan volume. The company--which helps online publishers gain access to funds faster than the usual payment times for online advertising--said the volume of its loans has increased due to increase in digital ad spending. FastPay's customers use the company to manage their cash flow better, as most online ad networks and advertisers have very long accounts payable times.