SVB, now a division of First Citizens Bank, has provided Settle with the funds to expand its suite of lending products.
In brief:
-Founded by CEO Alek Koenig in 2019, the San Francisco-based fintech aims to help small businesses simplify bill payments and currently has more than 500 partners.
-The company plans to use the funds to support business owners further by developing its suite of lending products to help larger companies and to provide the tools they need to adapt to market conditions.
-Designed specifically for e-commerce and consumer brands with a “demanding” inventory and cash conversion cycle, Settle provides an all-in-one platform for the whole payments cycle, from paying vendors to tracking payment status to managing invoices.
What does this mean?
“The company’s growing customer base is a testament to its leadership and innovative model. SVB is excited to support Settle’s continued growth as they provide vital working capital solutions to small businesses.” SVB head of warehouse lending and fintech relationship management.
