Settle, a platform that helps product businesses manage cash flow and working capital, has obtained a $240m credit facility to expand the financing it can offer and to reach larger customers.
The funding comes from an unnamed major international financial institution and an asset manager based in New York. Settle says the facility substantially increases its overall lending capacity, so it can support larger companies and launch financing options that conventional lenders have historically not offered.
This is the latest in a run of institutional backing for the company, and it reflects Settle’s expanding platform and growing credit history. In 2022, Settle closed a $280m revolving credit facility co-led by Citibank and Atalaya. A year later, it obtained a $145m facility from Silicon Valley Bank. The company has now originated more than $4bn in total, which makes it one of the most active and trusted providers of working capital to product businesses in the US.
Settle built its platform specifically for companies that sell products. Its combined toolkit covers bill payment, accounts payable automation, invoice tracking and flexible working capital financing, so brands can control their payables and get the funding they need to expand. The company says it has helped thousands of US businesses access growth capital.
Settle’s investors include Ribbit Capital, Kleiner Perkins, Caffeinated Capital, Stripes, Founders Fund, SciFi Ventures, Citi Ventures and Activant Capital.
Settle CEO and co-founder Alek Koenig said, “This is a huge win, not only for the larger accounts we support, but for the SMB space as well. We continue to see small and medium-sized businesses being overlooked by traditional capital markets, and that is exactly the problem we set out to solve. This facility strengthens our ability to serve businesses at every stage of their growth and unlocks financing solutions that these businesses simply cannot find anywhere else today.”
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