Setpoint bags $31m Series B funding to fuel research and development
New York-based fintech Setpoint has secured a $31 million Series B funding round led by venture capital firm 645 Ventures.
Setpoint lands $31 million Series B funding
The round also saw additional participation from Andreessen Horowitz, NextView Ventures, Citi, Vesta Ventures, Fifth Wall, Eltura Ventures, Floating Point, Outrunner Capital, Wells Fargo, and more.
The latest capital infusion builds on Setpoint’s $43 million Series A led by Andreessen Horowitz in 2022 and brings its total capital raised to date to $76 million.
Founded in 2021, Setpoint provides tech infrastructure for real estate and asset-backed lending and describes itself as the “capital markets operating system”.
The company has developed software to automate debt facility management and centralise all borrower activity in a single platform, saying its solution enables real estate, auto, consumer, and small and medium-sized businesses (SMBs) to “grow profitably” by reducing costs and enhancing speed for both borrowers and lenders.
The new funds will be used to fuel further research and development, with a focus on expanding its engineering and data science teams. The firm also plans to enhance asset data verification and calculations through the application of machine learning and large language models (LLMs).
Last year, the company acquired Resolute Diligence Solutions, a due diligence provider specialising in residential transition loans (RTL) and single-family rentals (SFR).
