B2B payments firm Settle has reportedly raised $280m in a revolving credit facility from Citibank and Atalaya.
This multi-year facility will help Settle increase its support for emerging and high-growth e-commerce companies, according to a report from Forbes.
Settle stylises itself as a provider of “cashflow management for the modern business.” Its platform offers tools for bill payments, accounts payable and flexible financing.
One of its features sees Settle pay a client’s vendors upfront, and the client then repays this over a period of 30 to 120 days.
The platform also boasts a 360-degree look at bill payments, with centralised tracking, flexible invoicing payments and global access to pay vendors.
Its clients include Branch, Italic, Jambys, Caraqay, Huron, Lalo, and many more.
Settle CEO and founder Alek Koenig said, “This is a big win not just for our team at Settle, but more importantly for the customers we’ll be able to service as a result of this partnership.
“Now more than ever, businesses need tools that provide them as much flexibility and support as possible in the face of increasing uncertainty.”
In other B2B payment news, UK-based cross-border payment platform Kapage bagged £1.5m in its funding round earlier this year. The company, which launched in 2021, offers a selection of B2B payment tools aimed at SMEs and startups.
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