San Francisco-based fintech Settle has secured a new $240 million credit facility to expand its working capital financing offering for product-based businesses across the United States.
The new facility represents Settle’s third major credit facility since the company was founded in 2019 and supports its strategy to provide businesses with greater access to flexible capital as they manage inventory, procurement and day-to-day operating expenses.
With the latest transaction, Settle has now secured a total of $665 million in credit facility funding. Its previous facilities include a $145 million agreement with Silicon Valley Bank and a $280 million facility co-led by Citibank and Atalaya.
Settle has originated more than $4 billion in working capital financing to date, offering financing limits ranging from $20,000 to as much as $15 million.
The fintech company combines financing with financial operations technology, providing businesses with tools covering procurement, accounts payable automation and cash-flow management. Settle currently processes approximately $3 billion in payments annually and serves more than 500 customers.
The latest funding also reflects Settle’s ambition to move further beyond its traditional small-business customer base and provide financing solutions to larger companies.
Founded by CEO Alek Koenig, Settle has attracted backing from a range of technology and financial investors, including Ribbit Capital, Kleiner Perkins, Founders Fund, Citi Ventures, Stripes and Activant Capital.
Koenig also indicated that the company is preparing to unveil additional developments later in October, suggesting that further expansion of Settle’s platform may be underway.
