Setpoint, a leading infrastructure provider for the credit industry, has successfully completed a significant $31m Series B funding round.
The round was led by 645 Ventures, featuring substantial strategic investments from major players such as Citi and Wells Fargo, with participation from Andreessen Horowitz, NextView Ventures, Floating Point, and several other notable investors including Zillow founder’s 75 & Sunny, Vesta Ventures, Fifth Wall, Eltura Ventures, and Outrunner Capital. This new injection of capital increases Setpoint’s total funding to $76m, consolidating its position as the technology partner of choice for global financial institutions and capital users.
The company is renowned for its revolutionary approach to automating debt facility management, which has quickly set a new industry standard. Setpoint’s software solutions transform the outdated systems that have long governed credit facilities, introducing error-free, streamlined operations that meet a vital market need.
Since its previous funding round led by Andreessen Horowitz, Setpoint has recorded impressive milestones, such as achieving a six-fold increase in year-over-year revenue. It has also expanded its client list with major names like GreenSky, Carvana, Fundbox, Nomura, Capchase, Kyte, Archwest, and Pathway among others.
The core of many critical financial transactions, from home purchases to small business loans, relies on an intricate network of trust and credit. Traditional management methods involving emails, Excel spreadsheets, and FTP folders are not only outdated but prone to errors and inefficiencies that hinder growth and increase the costs associated with lending and borrowing.
Setpoint is on a mission to overhaul these archaic systems with its innovative software. The Asset OS and Capital OS platforms digitize, organize, and verify data to create a real-time source of truth for assets. These platforms automate funding flows and compliance, setting a new benchmark for speed, accuracy, and ease in credit transactions. Designed for scalability, Setpoint enables borrowers and lenders to effortlessly manage complex financial arrangements, such as forward flows, senior and subordinate warehouse financing, and both public and private securitizations.
The funds from this round will be directed towards research and development, particularly in expanding Setpoint’s engineering and data science teams. By integrating machine learning and large language models (LLMs), the company aims to further enhance the verification of asset data and calculations, spearheading more innovations in the credit infrastructure sector.
Stuart Wall, CEO of Setpoint said, “Setpoint is building trust in our credit system. Our vision is to make credit transactions instant, automated, and error-free. This funding round, supported by leading financial institutions and investors, propels us forward in our mission to build the technology infrastructure for capital markets.”
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