Settle secures $145m credit facility from Silicon Valley Bank
San Francisco-based cashflow management platform Settle has secured a credit facility of up to $145 million with Silicon Valley Bank (SVB), a division of First Citizens Bank.
Settle secures $145 million credit facility from SVB
Specifically built for e-commerce and consumer brands, the Settle platform enables business users to pay vendors, track payments, manage invoices and apply for “flexible financing solutions”.
The company says it will use the new facility from SVB to “develop its suite of lending products” as it looks to “serve an expanding customer base” and support business entrepreneurs amid ongoing macroeconomic volatility.
According to Settle’s CEO and founder, Alek Koenig, approximately 80% of small businesses fail as a result of cashflow issues.
“Working capital is, and has always been, the lifeblood of small business, but given the economic climate today, it’s become critical to survival.”
Koenig says the company has a “laser” focus on providing the tools and support required by brands to meet their inventory demands, better manage cashflow 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,” he adds.
