FastSpring has raised an undisclosed amount of funding from VC firm Pylon Capital. Founded in 2005, FastSpring develops a cloud-based interface so users can sell digital products such as e-books, games and desktop software. The firm says its first ever outside investment will be used to build a private label app store, and to hire more staff to its team of 24.
California-based FastSpring explains it would like to expand its customer base internationally, particularly in Asia, and hopes to benefit from Pylon Capital’s experience. This begins with a reshuffle that sees FastSpring’s management team joined by two of Pylon Capital’s managing partners.
Dan Engel, moving from CEO to Senior Vice President of Marketing and Board Member, is quoted on the strategic move to take outside funding: “As a group of serial entrepreneurs, we have a lot of experience in getting from A to B — ‘B’ being getting to where we are as a company in terms of revenue, profit, headcount, and what we’ve scaled to, to date. But we felt like we wanted some outside expertise from folks who had experience going from B to C.”
Whitepapers
Related reading
Central banks best suited to issue digital currencies
By Aaran Fronda A recent report by the Official Monetary and Financial Institutions Forum (OMFIF) said that central banks rather than private ... read more
Instant payments: innovations inbound for corporates
In 2020, instant payments look set to continue their current trajectory to become the biggest trend in payments. While these schemes already offer numerous benefits to corporates, leveraging innovations such as APIs and request to pay will go some way to unlocking their full potential, argues Michael Knetsch
Obstacles exist for banks to meet ECB’s instant payments goal
The cost of joining instant payment platforms will be one of many hurdles banks and payment services providers must overcome to meet ... read more
Banks must be aware of “biases” in data used to train ML models
Financial institutions need to be conscious of biases in the historical data that is being used to train machine learning (ML) models, ... read more