FastPay’s model revolves around lending money to digital media companies, helping them deal with cashflow issues as they wait to get paid by advertisers. AnchorOps, meanwhile, has built invoicing and payments software for those media companies.
In the acquisition announcement, CEO Jed Simon said the deal allows FastPay to create “a single platform to address the full spectrum of customer needs.”
Asked about how much he’d paid for AnchorOps, Simon told me it was “multiple eight figures” (so, tens of millions of dollars) in cash and stock. He also said the entire 30-person AnchorOps team will be joining FastPay, with founder and CEO David Frogel becoming chief revenue officer.
“The AnchorOps team will comprise the core of FastPay’s payment business and we intend to continue investing it and growing the team,” Simon said.