Recast, the Edinburgh-based fintech-for-media platform, has announced the successful closing of a $5 million (£3.9m) funding round. The round was led by US-based venture capital firm Morpheus Ventures, with additional investments from Airstream Ventures and Cooley.

In its mission to provide consumers access to any digital content while ensuring fair and immediate value exchange for everyone involved, Recast’s technology helps to enable media owners to maximise distribution, monetisation, and 1st party data capture, thereby offsetting rising subscription fatigue and churn.

The investment will be used for the further development of Recast’s API-centric smart payment platform, as well as the enhancement of its micro-payment wallet, facilitating the sale of digital commodities anywhere on the internet and beyond its current offering that supports monetising video and livestreams.

Joseph Miller, managing partner of LA-based Morpheus Ventures, which backs market disruptive companies, said: “Much like Shopify revolutionised e-commerce with its versatile platform, Recast is set to transform digital content monetisation and distribution.

“This transformation is supported by Recast’s advanced smart payment platform and micro-payment wallet, which offer a level of flexibility and immediacy akin to PayPal. With our extensive knowledge and experience in the media sector, we are confident that Recast has developed the right product at the right time.”

Airstream Ventures, which was founded by Gavin Petken, former head of investments at Business Growth Fund (BGF), and Ed Woodward, former executive vice-chairman of Manchester United, have also bolstered their initial investment.

Having first been founded as a destination streaming platform with leading payment technology, Recast’s solution now integrates into media owners’ own digital destinations.

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Andy Meikle, CEO of Recast, said: “Our fundamental belief has always been to ensure universal access to content while ensuring fair and immediate value exchange for everyone involved.

“However, our approach has evolved. What began as a streaming service has now transformed into a dynamic fintech platform for the entire media industry. At the heart of what we do is making it as simple as possible for media owners to quickly generate revenue and capture meaningful data without the acquisition costs, while consumers enjoy seamless and affordable access to content.

“With Cooleys’ legal prowess, Airstream Ventures’ deep connections in sports, media, and entertainment and Morpheus Ventures’ impressive track record, experience, and extensive network, particularly in the US, I know we have the right strategic ingredients to realise our vision.”

The incoming Recast board is set to be composed of Andy Meikle, Joseph Miller of Morpheus Ventures, and Gavin Petken of Airstream Ventures, along with several independent industry and sector experts, including Scott Guglielmino, COO X-Games, and Drew Larner, founding CEO of Rdio.