The funding will help Settle expand its product suite and workforce. Here are the top-line bullets you need to know.
Settle, a provider of working capital solutions for e-commerce merchants, has raised $60M in a Series B round. The round drew participation from Kleiner Perkins Caufield & Byers, Activant Capital, Caffeinated Capital, Stripes Group, and Ribbit Capital.
HOW’S THE COMPANY PERFORMING?
- San Francisco-based Settle’s accounts payable software and working capital solutions help e-commerce merchants better manage cashflow. It offers a single tool that brings together payments, financing, and accounting integrations.
- Along with the funding, the company has announced that Nick Shalek, a general partner of Ribbit Capital, is now a board member.
- Its revenue has increased 20x so far in 2021.
- The company’s merchant base now stands at 500, and it includes brands like Branch, Huron, Better Brooch, Italic, and Caraway.
- Settle is currently supported by a team of ~40 employees.
Source: Settle
WHY DOES THE MARKET MATTER?
- The global digital payment market is projected to reach a value of $236.1B by 2028, growing at a CAGR of 19.4%, according to Grand View Research.
- Rising e-commerce activity, particularly amid the Covid-19 pandemic, has increased the need for tools to manage digital payments and other related transactions. Moreover, banks are increasingly making investments in order to enhance their digital payment infrastructures and compete with major players like Google, Amazon, and Facebook.
