Fintech Startup Setscale Launches to Help Small Businesses Fund Purchase Orders with $9.5M Seed Round, Secures Up to $70M in Debt Funding

Setscale, a fintech startup revolutionizing purchase order financing for small and medium-sized businesses, today announced that it has raised a $9.5 million seed funding round, as well as secured up to $70 million in debt.

The company’s CEO and founder, Daniel Fine, saw the opportunity for Setscale after he and his team built a nine-figure business, but left millions in orders on the table due to a lack of financing opportunities for small businesses. With this new endeavor, the Setscale team aims to reduce this problem for SMEs by providing alternative financing options that enable them to scale. Participants in the round include Fin Capital, Great Oaks, Mantis, WndrCo, Ethos and Jaws along with executives and founders from top Fintech and SaaS companies.

Banks have almost always underserved small and medium-sized businesses, and the fallout from Silicon Valley Bank has added more pressure to this problem. Setscale provides a flexible option, enabling companies to meet existing and future demand through a guarantee model designed to help companies scale. Instead of relying on traditional and legacy institutions, SMEs can use Setscale independently or in partnership with existing capital to fund their inventory and purchase orders.

Setscale’s leadership team is rounded out by Jesse Roth, Chief Business Officer and General Counsel, Tami Mohney, Chief Strategy Officer, Don Renyer, Chief Product Officer, and Tim Bjorkman, Chief Technology Officer.

“As a business owner, I’ve experienced the struggles of funding purchase orders on my own,” Fine said. “There is clearly a need for more funding opportunities for companies that may 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 is an exciting challenge, and with the support of our partners, our team is ready to help product-based companies thrive and meet consumer and B2B demand.”

Setscale will use the funding to expand its current technology offerings, continue to build out its team and double its marketing efforts. The debt facility enables Setscale to distribute capital to its partners to finance product purchases from creditworthy end buyers.

“We are committed to supporting repeat founders, and Daniel’s vast experience in many business ventures gives him a unique perspective on what business owners need, especially in this challenging climate,” said Logan Allin, founder and managing partner of Fin Capital. “Setscale’s innovative approach to purchase order financing is exactly the kind of B2B fintech Fin Capital is excited about, bringing scalability to businesses.”

Setscale has helped companies across CPG, e-commerce, health and wellness, medical and manufacturing spaces, enabling transactions for dozens of devices.