BillFront, a financial technology company which enables the digital media industry to get faster access to their media revenues, has announced the successful completion of an integrated debt and equity Series A funding round worth $35 million (£27 million).
BillFront will use this Series A funding to expand the company further, to support its fast growing customer needs as well as to continue the development of its proprietary technology and the acquisition of new talent.
Investors include 4finance, a global leader in online and mobile financing solutions to consumers and NIBC Bank Deutschland a leading provider of structured finance solutions in Europe, and as well as existing investor FinLeap, an independent fintech company builder.
BillFront uses unique technology, based on data-driven risk management methodology, which connects directly to media companies’ invoicing systems and automatically suggests eligible invoices for financing. This means that BillFront’s customers receive financing in a fraction of the time compared to traditional finance providers. BillFront works with corporate clients within the digital media space such as advertising agencies, Demand-Side and Supply-Side-Platforms, ad-exchanges, networks, as well as publishers and app developers, globally. Clients include DynAdmic, an adtech firm which uses big data to help advertisers target online users with the most relevant online video ads.
The media industry still suffers from the long payment terms offered by many of the largest media buyers, which hampers the speed at which companies in the space can grow. Conversely, it is a major advantage for ad-tech companies to be able to offer short payment terms to their suppliers. BillFront helps to bridge that gap.
BillFront was co-founded by Christopher Vogt and Greg Dimitriou. The two Co-Founders of BillFront combine several years of working experience in Finance and ad-tech. Dimitriou worked 12 years for JP Morgan in the media investment banking space and Vogt held a leading position at a major demand-side platform in Germany.
BillFront Co-Founder and Managing Director Christopher Vogt said: “There is a clear need for growth capital within ad-tech, and our solution provides an attractive alternative to expensive equity capital on one hand, and often inflexible debt financings on the other. And, we make requesting funds through our platform so seamless that our clients can focus more on their core business.”
Thom Rasser, CEO of NIBC Bank Deutschlands, commented: “BillFront’s expertise within the fast growing ad-tech market, combined with their excellent tech-enabled risk methodology, convinced us to start a partnership with an international fintech for the first time.”
Greg Dimitriou, Co-Founder and Managing Director of BillFront concludes: “With this financing, we are adding two more strong partners that enable us to execute our vision of becoming the leading alternative finance platform for digital media businesses.”