Settle, a fast-growing payments startup, today announced it has secured a revolving credit facility of up to $280 million from Citibank & Atalaya. This multi-year revolving credit facility will allow Settle to continue to expand its support for emerging and high-growth e-commerce businesses. With the rapid changes in consumer habits in recent years and the ever-changing supply chain ecosystem, this segment in particular has turned to new fintech solutions like the cash flow management platform of Settle for support.
“This is a great win not only for our team at Settle, but more importantly for the customers we will be able to serve through this partnership,” said Settle CEO and Founder Alek Koenig. “Now more than ever, businesses need tools that give them as much flexibility and support as possible in the face of growing uncertainty.” Koenig previously led Affirm’s credit team, helping to build BNPL e-commerce solutions.
Settle is an all-in-one cash management solution tailored to the needs of growing e-commerce brands. By providing a suite of tools that enable seamless management of invoice payment and accounts payable, Settle minimizes the burden of monitoring when and where business money is spent, giving founders and small business owners more time to focus on their products and their customers. Settle also offers flexible financing options to help bridge multi-month gaps between inventory purchases and product sales.
News of the deal comes on the heels of Settle’s $60 million Series B raise, led by Ribbit Capital. Other prominent investors include Kleiner Perkins, Founders Fund, Max Levchin’s SciFi Ventures, Caffeinated Capital and others.