Alternative lender FastPay, which specializes in lending to digital media startups, received $15 million from newly formed Oak HC/FT, a $500 million growth-equity fund that invests in health care and financial technology.
It is Oak HC/FT's first investment in a financial technology firm.
FastPay, with offices in New York and Los Angeles, claims to have originated approximately $500 million in loans to digital media companies since launching in 2009. It does so through an online platform, lending in an area typically dominated by venture capitalists.
"Our decision to invest in FastPay was driven by the strength and vision of its management team, as well as their track record and deep industry expertise," Oak HC/FT general partner Patricia Kemp said in a news release Thursday.