Settle Raises $145M Credit Facility with Silicon Valley Bank

New financing underscores demand for the company's leading payments and cash-flow management suite

SAN FRANCISCO, July 25, 2023 /PRNewswire/ -- Settle, the leading cash-flow management platform, announced today it has secured up to $145 million credit facility with Silicon Valley Bank, a division of First Citizens Bank, increasing their capacity to support high-growth e-commerce and consumer brands and small businesses.

Settle is a cash-flow management platform purpose-built for e-commerce and consumer brands with demanding inventory and cash conversion cycles. Settle provides a centralized hub to quickly and easily pay vendors, track payment status, manage invoices, and apply for flexible financing solutions. Hundreds of consumer brands —including Branch, Starface, and Lalo—rely on Settle to optimize their cash-flow with Settle Working Capital so they can meet their inventory needs and drive revenue.

Settle will leverage the new financing to serve an expanding customer base and develop its suite of lending products to power larger e-commerce and consumer brands. The credit facility will enable the company to further support the evolving needs of business owners by providing them the tools they need to adapt to evolving market conditions. By securing additional committed capacity amidst the inherent volatility of the capital markets, Settle can continue helping growing brands with the ability to change the trajectory of their businesses.

"Approximately 80 percent of small businesses fail because of cash-flow issues," said Alek Koenig, CEO and Founder, Settle. "Working capital is, and has always been, the lifeblood of small business, but given the economic climate today, it's become critical to survival. From day one, we have been laser focused on helping e-commerce and consumer brands meet their inventory demands by giving them the tools and support to manage cash-flow 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."

"Settle has quickly become a leading cash-flow management solution for hundreds of high-growth e-commerce and consumer brands worldwide," said Brian Foley, Head of Warehouse Lending and Fintech Relationship Management at Silicon Valley Bank. "The company's growing customer base is a testament to its leadership and innovative model. SVB is excited to support Settle's continued growth as they provide vital working capital solutions to small businesses."

About Settle
Settle helps consumer small businesses thrive by taking the worry out of cash flow management with an all-in-one platform helping e-commerce brands level up their cash flow from startup to what's next.
Settle's solution is built specifically for founders of e-commerce and consumer growth brands in mind so you can easily quickly pay vendors, three-way match POs, manage invoices and, for businesses that qualify, access flexible, short-term financing solutions with Settle Working Capital. Get started at Settle.com

About Silicon Valley Bank
Silicon Valley Bank (SVB), a division of First Citizens Bank, is the bank of the world's most innovative companies and investors. SVB provides commercial and private banking to individuals and companies in the technology, life science and healthcare, private equity, venture capital and premium wine industries. SVB operates in centers of innovation throughout the United States, serving the unique needs of its dynamic clients with deep sector expertise, insights and connections. SVB's parent company, First Citizens BancShares, Inc. (NASDAQ: FCNCA), is a top 20 U.S. financial institution with more than $200 billion in assets.
First Citizens Bank, Member FDIC. Learn more at svb.com

SOURCE Settle