London-based financial services company, Purely Capital has successfully announced the launch of its entertainment FinTech receivables platform, which reportedly has received a $150 million funding from various institutional lenders and banks.
As per credible sources, the platform is a tailored, technology-driven solution that automates, streamlines and standardizes the process of financing TV and film production. It offers access to distributors to make immediate cashflow by bridging the funding gap, essentially at the time when content is licensed to global broadcasters, publishers and streaming platforms, and when contracts pay out.
According to Wayne Marc Godfrey, CEO & Founder, Purely Capital, there has been an unprecedented spending of over $120 billion done by broadcasters and streamers last year, however, rights owners are being kept on hold for about two to five years for licensing contracts to pay out, pushing companies under adverse financial strains. Godfrey claims that Purely Capital offers a solution to this problem, giving content owners access to their licensing income.
Reportedly, in 2019, Purely Capital finalized a seed equity round which was funded by early-stage fintech venture capital firm, Finch Capital. Up till now, the firm has backed over $35 million in deals with clients like Amazon, Netflix, Disney, HBO, Viacom, and Starz.
As per a statement, Aman Ghei, Finch Capital Partner, said that Purely Capital is at the epicenter of the entertainment business that is truly being disrupted by the huge volume of content that is produced and the way users are consuming it.
Sadly, financing for license and content owners in this changing landscape remains outdated and inefficient. This issue can be solved by Wayne and his team that owns the viable experience and ability to provide the best experience and most competitive cost for entertainment rights owners worldwide.