Posted on March 13, 2020 by staff

FinTech platform for TV and movie industry backed by $150m


London start-up Purely Capital has launched a new FinTech platform for the entertainment and streaming industry, backed by $150m from an unnamed investor.

The firm is headed by Wayne Marc Godfrey, a film financier who has produced more than 100 films and including Netflix original The Last Thing He Wanted.

The firm provides capital to tide over the financial period between content being licensed to streaming platforms and broadcasters, and when that contracts pay out.

Godfrey is the former CEO and co-founder of The Fyzz Facility, and stepped down from the London- and LA -based film and television production and financing house in 2018.

Purely Capital claims it has now provided $34,229,943 to its clients by collecting long-dated contracted licence fees from streamers and broadcasters.

“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

“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.”

“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.”

Finch Capital, an early starge FinTech VC backed the firm last year and plans a further raised in 2020.

Aman Ghei of Finch Capital added: “Purely Capital is at the centre 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.

“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.”