San Francisco-based Settle, a cashflow management platform for e-commerce and consumer brands, has secured a credit facility of up to $145 million from Silicon Valley Bank (SVB) to enhance lending products and support businesses in challenging economic conditions.
Facts
- San Francisco-based Settle obtains a credit facility of up to $145 million from Silicon Valley Bank (SVB), a division of First Citizens Bank.
- Settle’s platform is tailored for e-commerce and consumer brands, offering features like vendor payments, invoice management, and “flexible financing solutions.”
- The credit facility will be used by Settle to develop its lending products and cater to an expanding customer base, assisting entrepreneurs amidst macroeconomic uncertainties.
- About 80% of small businesses face failure due to cashflow issues, making working capital crucial for survival in the current economic climate.
- Settle’s CEO, Alek Koenig, emphasizes the company’s focus on providing tools and support to meet inventory demands, manage cash flow efficiently, and access financing for brands.
- SVB’s provision of additional capital showcases the ongoing demand from Settle’s customers and the company’s commitment to supporting them.
