Fintech Startup Setscale Launches to Help Small Businesses Fund Purchase Orders with $9.5M Seed Round, Secures Up to $70M in Debt Funding
The round included participation from Fin Capital, Great Oaks, Mantis, WndrCo, Ethos and Jaws
NEW YORK, 4 May 2023 /PRNewswire/ — Set scalea 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 dollars 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 SMBs, 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 an underwriting 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 comes out of stealth, rounded out by Jesse RothChief Business Officer and General Counsel, Tami MohneyChief Strategy Officer, Don RenyerChief Product Officer, and Tim Bjorkmanchief technology officer.
“As a business owner, I’ve experienced the struggles of funding purchase orders firsthand,” 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 poised 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 endeavors gives him a unique perspective on what business owners need, especially in this challenging climate,” said Logan Allen, 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.
To learn more about Setscale, please visit https://setscale.com/
About Setscale:
Setscale is a fintech startup solving the trade finance dilemma for small businesses. Small businesses often get purchase orders but don’t have the money to fill them. Through its PO financing technology, Setscale funds the cost of these items, allowing small businesses to focus on products and sales, enabling them to scale. Setscale is an ideal partner for SMEs, stepping in where traditional financial institutions do not, enabling SMEs to finance their growth. Setscale funds supply. You meet the demand.
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SOURCE Set scale
