Purely Capital, the UK startup that has launched a FinTech (monetary companies know-how) receivables platform permitting rights homeowners to cashflow license charge funds, says it’s has secured a $150M institutional funding line that may enable it to function at ‘financial institution degree’ pricing.
The backer is a big-ticket monetary investor that has opted to maintain its title out of press. The corporate has, nevertheless, made vital strikes within the sector within the final 12 months.
So far, Purely Capital has financed greater than $35M in offers, shopping for lengthy dated revenue 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 world media and tech firms spending billions on content material, usually in structured offers which might 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 increase 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 not too long ago 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 mentioned, “With extra high-level consumers 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 yr is spectacular, rights homeowners are being compelled 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 revenue now. Purely Capital buys contracted revenues as we speak and we then await the years of quarterly funds from the licensor in order that our buyer doesn’t need to.”
“Purely Capital is on the centre of the leisure trade that’s really being disrupted by the quantity of content material that’s being produced and the way in which 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 imagine Wayne and his staff have the expertise and talent to supply the very best expertise and best value for international leisure rights homeowners,” added Finch Capital’s Aman Ghei.