New York, USA-based fintech startup which specializes in purchase order financing for SMBs, Setscale, raised USD 9.5 million in seed funding. In addition, the company secured up to USD 70 million in debt funding. Fin Capital, Great Oaks, Mantis, WndrCo, Ethos and Jaws, along with executives and founders from top Fintech and SaaS companies, provided the investment to the firm.
Purpose of financing for Setscale
With the latest proceeds from the seed funding, Setscale seeks to expand its current tech offerings. It also has plans to continue building out its team and double down on marketing efforts.
Meanwhile, the debt facility enables Setscale to deploy capital to its partners to finance product purchases from credit-worthy end buyers.
What the company’s official has to add
The company’s CEO and Founder, Daniel Fine, said, “As a business owner, I’ve experienced the struggles of financing purchase orders first-hand. There’s clearly a need for more financing options for companies that might be overlooked by legacy financial institutions, even though there is market demand for their products. This is a critical time for companies to understand how and from where they will access capital – it’s an exciting challenge, and with the support of our partners, our team is poised to help product-based companies thrive and meet consumer and B2B demand.”
What the investors have to add
Logan Allin, Founder and Managing Partner of Fin Capital, further said, “We are committed to supporting repeat founders and Daniel’s vast experience in many business endeavours gives him a unique perspective on what business owners need, especially in this challenging climate. Setscale’s innovative approach to purchasing order financing is exactly the type of B2B fintech Fin Capital is excited about, bringing scalability to businesses.”
About the company
Daniel Fine 2021 launched the company. The USA-based fintech startup solves the trade financing dilemma for small businesses. Small businesses frequently get purchase orders but don’t have the money to fill them. Through its PO financing technology, Setscale finances the cost of those goods, allowing small businesses to focus on product and sales, enabling them to scale. Companies across sectors, such as
CPG, e-commerce, health and wellness, medical and manufacturing spaces use Setscale’s platform. SMBs can use Setscale independently or in partnership with existing capital to fund their inventory and purchase orders. With this new endeavour, the Setscale team aims to mitigate this issue for SMBs by providing alternative financing options that enable them to scale.
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