Purely Capital, the UK startup that has launched a FinTech (monetary providers know-how) receivables platform permitting rights homeowners to cashflow license price funds, says it’s has secured a $150M institutional funding line that can permit it to function at ‘financial institution stage’ pricing.
The backer is a big-ticket monetary investor that has opted to maintain its title out of press. The corporate has, nevertheless, made important strikes within the sector within the final 12 months.
So far, Purely Capital has financed greater than $35M in offers, shopping for lengthy dated earnings from firms together with Netflix, Amazon, Disney, Viacom, HBO and Starz. The mannequin is a technology-driven resolution to automate and streamline the financing of long-dated leisure receivables.
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With the development of worldwide media and tech firms spending billions on content material, typically in structured offers which can be paid out over the course of years, Purely says its platform gives an answer to repair cashflow points for distributors and producers. The corporate takes a small share of every deal it cashflows.
Finch Capital, an early-stage FinTech enterprise capital agency, backed a 2019 fairness funding spherical of Purely, and plans to do an extra elevate in 2020.
Purely was discovered by Wayne Marc Godfrey, the previous founding father of UK financier Fyzz Facility whose credit span greater than 100 characteristic movies together with field workplace hit 47 Meters Down and extra just lately Finest Sellers staring Aubrey Plaza and Michael Caine, which wrapped manufacturing final month. Additionally at Purely are Chief Monetary Officer Stuart Stanton, Chief Authorized Officer Dan Abrams, Chief Know-how Officer Dean Chapman, and Head of Product Sashi Arnold.
Godfrey stated, “With extra high-level patrons than ever hungry for content material, it has arguably by no means been a greater time to be producing and distributing movie and TV content material. Whereas the unprecedented spend by streamers and broadcasters of greater than $120BN final 12 months is spectacular, rights homeowners are being pressured to attend two to 5 years for licensing contracts to be paid out, placing firms below immense monetary pressure. We constructed Purely Capital as an answer to this rising downside, giving content material homeowners entry to their licensing earnings now. Purely Capital buys contracted revenues as we speak and we then look ahead to the years of quarterly funds from the licensor in order that our buyer doesn’t should.”
“Purely Capital is on the centre of the leisure business that’s really being disrupted by the amount of content material that’s being produced and the best way we’re consuming it. Sadly, financing choices for content material and license homeowners on this altering panorama stays archaic and inefficient. That is the place we consider Wayne and his group have the expertise and talent to supply the most effective expertise and best worth for world leisure rights homeowners,” added Finch Capital’s Aman Ghei.