KX Media Capital relaunches its new brand following its acquisition from FastPay UK by specialist SME lender Growth Lending earlier this year.
Marking their recent acquisition by Growth Lending, KX Media Capital relaunch their new brand but will continue to provide specialist working capital facilities for growing media businesses, supplying working capital solutions in media receivables without financial covenants, warrants, or personal guarantees.
KX Media Capital, with the support of Growth Lending, aims to deploy £1bn in growth capital in 2020. The group is a global platform for growth funding for SMEs, created by the merger of KX Media Capital, the SME lender GapCap, and the working capital activities of SME technology funder BOOST&Co. The group has a new funding line from an international group of funders, including Cairn Capital.
The acquisition marks a major milestone for the UK arm of FastPay, led by UK Managing Director, Matt Byrne, and Director of Operations, James Ryall. Both continue in the company’s leadership team, with Byrne taking up the role of Managing Director of KX Media Capital.
Alex Fenton, Founder and Chief Executive of GapCap, has been named Chief Executive of Growth Lending. The platform will provide funding to innovative, fast-growing SMEs around the world, with Fenton aiming to deploy £1bn of growth capital in this space during the next 12 months.
FastPay was founded in 2009, offering innovative technology and funding to mitigate lengthy payment terms and inefficient payment processes across the media industry.
Managing Director, Matt Byrne says: “We have always differentiated ourselves with a deep understanding of the advertising and marketing sectors our clients operate within. This market expertise enables us to address the unique business models, challenges and opportunities our clients face as they grow. We are excited to continue to provide capital-constrained businesses with the tailored finance they need to scale faster.
Growth Lending’s Chief Executive, Alex Fenton, says: “We’re keen to give under-served industries the specialist support they deserve, so I’m delighted to welcome KX Media Capital into the group. Matt has done an excellent job in getting the company to where it is today, and my role is to ensure that the team has the tools to continue providing a great service, as well as equipping them to support many more firms in the media space.”
Growth Lending Limited chief investment officer Kristina Oliver, who joins the group from BOOST&Co, says: “I am thrilled to join this group, along with my team. The scale and depth of knowledge this merger brings will enable us to serve a large base of growth-oriented clients throughout their journey from start-ups to mid-sized international groups.”