Settle secures a $240M credit facility to finance larger product businesses

Settle has secured a $240 million credit facility from an international financial institution and a New York asset manager. Neither lender was named.

Led by co-founder and CEO Alek Koenig, Settle is a cash flow management and working capital platform for product businesses. It combines bill pay, AP automation, invoice tracking and flexible working capital financing. The new facility lets it serve larger businesses and offer financing products it could not provide before.

The facility adds to a $280 million revolving facility co-led by Citibank and Atalaya in 2022 and a $145 million facility from Silicon Valley Bank in 2023. Settle's total originations have passed $4 billion.

Equity backers include Ribbit Capital, Kleiner Perkins, Founders Fund, Caffeinated Capital, Stripes and Citi Ventures.

Link to the announcement in the first comment.