Settle, a cash-flow management platform, secured up to a $145 million credit facility with Silicon Valley Bank, a division of First Citizens Bank, increasing its capacity to support e-commerce and consumer brands and small businesses.
Settle is a cash-flow management platform purpose-built for e-commerce and consumer brands with demanding inventory and cash conversion cycles. Settle provides a centralized hub to quickly and easily pay vendors, track payment status, manage invoices and apply for flexible financing solutions.
Settle will leverage the new financing to serve an expanding customer base and develop its suite of lending products to power larger e-commerce and consumer brands. The credit facility will enable the company to further support the evolving needs of business owners by providing them the tools they need to adapt to evolving market conditions. By securing additional committed capacity amidst the inherent volatility of the capital markets, Settle can continue helping growing brands with the ability to change the trajectory of their businesses.
“Approximately 80% of small businesses fail because of cash-flow issues,” Alek Koenig, CEO and founder of Settle, said. “Working capital is, and has always been, the lifeblood of small business, but given the economic climate today, it’s become critical to survival. From day one, we have been laser focused on helping e-commerce and consumer brands meet their inventory demands by giving them the tools and support to manage cash-flow and obtain access to financing. The need for additional capital provided by Silicon Valley Bank is a testament to continued demand from our customers and our commitment to support them.”
“Settle has quickly become a leading cash-flow management solution for hundreds of high-growth e-commerce and consumer brands worldwide,” Brian Foley, head of warehouse lending and fintech relationship management at Silicon Valley Bank, said. “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.”
