Setscale, a FinTech startup aiming to revolutionise purchase order financing for small and medium-sized businesses (SMBs), has announced raising $9.5m in seed funding and securing up to $70m in debt.
The funding round saw participation from Fin Capital, Great Oaks, Mantis, WndrCo, Ethos, and Jaws, along with executives and founders from top FinTech and SaaS companies. Setscale was founded by CEO Daniel Fine, who identified the need for alternative financing options for SMBs after experiencing the challenges first-hand in his previous business.
The company’s mission is to provide flexible financing solutions to SMBs, which are often underserved by traditional banks. Setscale’s underwriting model is designed to help companies scale by fulfilling existing and forward demand through inventory and purchase order financing. This allows businesses to use Setscale independently or in partnership with existing capital sources.
Setscale’s leadership team includes Jesse Roth as Chief Business Officer and General Counsel, Tami Mohney as Chief Strategy Officer, Don Renyer as Chief Product Officer, and Tim Bjorkman as Chief Technology Officer.
Setscale CEO Daniel Fine said, “This is a critical time for companies to understand how and from where they will access capital – it’s an exciting challenge and with the support of our partners, our team is poised to help product-based companies thrive and meet consumer and B2B demand.”
The newly raised funds will be used to expand Setscale’s technology offerings, build out its team, and double down on marketing efforts. The debt facility will enable the company to deploy capital to its partners for financing product purchases from creditworthy end buyers.
Fin Capital Founder and Managing Partner Logan Allin said, “Setscale’s innovative approach to purchase order financing is exactly the type of B2B FinTech Fin Capital is excited about, bringing scalability to businesses.”
Setscale has already assisted companies across the CPG, ecommerce, health and wellness, medical, and manufacturing sectors, enabling transactions for dozens of entities.
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