FastPay

FastPay provides financial technology solutions designed to automate accounts payable processes for businesses. The company focuses on enhancing operational efficiency through tailored financial services. FastPay, founded in 2009 and headquartered in Los Angeles, US, specializes in financial technology solutions for automating accounts payable. In July 2021, FastPay was acquired by AvidXchange from investors including Citi Ventures and Oak HC/FT Partners.

The CEO of FastPay is Polina Pekova, who has previously founded other companies. Since its inception, FastPay has completed a total of 8 deals, with the most recent deal occurring on July 12, 2021. The latest funding round raised USD 15. 00 mn, which is also the total amount raised to date.

FastPay's products focus on financial technology solutions that streamline accounts payable processes. The company offers services such as Purchase Order Automation, Invoice Automation, Payment Automation, and Spend Management, catering to organizations across various sectors including real estate, healthcare, construction, and nonprofits. Their solutions support both small to medium-sized enterprises and larger organizations within the United States, facilitating secure and efficient financial transactions. FastPay generates revenue through a subscription-based model, establishing long-term partnerships with clients who pay for access to its suite of financial solutions.

The pricing structure adapts to various client needs, correlating costs with the specific services used, such as automation for purchase orders and payments. This B2B focus positions FastPay as a valuable partner for businesses seeking to enhance their financial operations and reporting capabilities. Following the acquisition by AvidXchange in July 2021, FastPay is set to expand its product offerings and enhance its platform across the United States. The acquisition aims to facilitate growth in AvidXchange's service capabilities, allowing for the development of new financial solutions tailored to client needs.

Future growth will also involve targeted expansion into new markets, leveraging the recent funding to support these initiatives.