Settle, a fast-growing payments startup, announced today that it has secured up to a $280 million revolving credit facility from Citibank & Atalaya. This multiyear revolving credit facility will allow Settle to continue expanding support for emerging and high-growth ecommerce businesses. With the recent years’ rapid changes in consumer habits and ever-changing supply chain ecosystem, this segment in particular has turned to novel fintech solutions like Settle’s cashflow management platform for support.
“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,” says Settle CEO and founder Alek Koenig. “Now more than ever, businesses need tools that provide them as much flexibility and support as possible in the face of increasing uncertainty.” Koenig previously led the credit team at Affirm, helping to build ecommerce BNPL solutions.
Settle is an all-in-one cashflow management solution tailored to the needs of growing ecommerce brands. By providing a suite of tools that allow for seamless bill pay and accounts payable management, Settle minimizes the burden of monitoring when and where company dollars are spent—giving founders and small business owners more time to focus on their products and customers. Settle also provides flexible financing options to help smooth out the months-long gaps between inventory purchases and product sales.
News of this deal comes on the heels of Settle’s $60M series B raise, which was led by Ribbit Capital. Other prominent investors include Kleiner Perkins, Founders Fund, Max Levchin’s SciFi Ventures, Caffeinated Capital, and others.
LabDAO Is Charting The Future Of Open-Source AI For Drug Discovery
Meet The Company Democratizing Access To Human Cells
Can A GMO Plant Become Your Latest Household Helper?