Entertainment FinTech Platform Purely Capital Launches With $150 Million in Funding
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Purely Capital, which is headed by Wayne Marc Godfrey, announced Wednesday the launch of their entertainment FinTech receivables platform backed by $150 million from a variety of institutional lenders and banks.
The platform’s founders describe it as a bespoke technology-driven solution to automate, streamline and standardize the process of financing film and TV production, giving distributors and rights owners access to immediate cashflow by bridging the funding gap between when content is licensed to global streaming platforms, broadcasters and publishers, and when those contracts pay out.
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“With more high-level buyers than ever hungry for content, it has arguably never been a better time to be producing and distributing film and TV content,” said Godfrey (pictured, second from left). “While the unprecedented spend by streamers and broadcasters of more than $120 billion last year is impressive, rights owners are being forced to wait two to five years for licensing contracts to be paid out, putting companies under immense financial strain.”
He continued: “We built Purely Capital as a solution to this emerging problem, giving content owners access to their licensing income now. Purely Capital buys contracted revenues today, and we then wait for the years of quarterly payments from the licensor so that our customer doesn’t have to.”
Godfrey is a film financier who has produced more than 125 feature films, including the upcoming comedy “Best Sellers,” starring Aubrey Plaza and Michael Caine, and Dee Rees’ Netflix original drama “The Last Thing He Wanted,” starring Ben Affleck and Anne Hathaway. He is the former CEO and co-founder of The Fyzz Facility.
Purely Capital closed a seed equity round in 2019 backed by Finch Capital, an early-stage fintech venture capital firm that invests in innovative businesses in the financial services sector in Europe and Southeast Asia.
To date, the company has financed over $35 million in deals with clients including Netflix, Amazon, Disney, Viacom, HBO and Starz.
“Purely Capital is at the center of the entertainment industry that is truly being disrupted by the volume of content that is being produced and the way we are consuming it,” said Finch Capital partner Aman Ghei.
“Unfortunately, financing options for content and license owners in this changing landscape remains archaic and inefficient. This is where we believe Wayne and his team have the experience and ability to provide the best experience and most competitive price for global entertainment rights owners.”
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