From a Rubber Band to a National Brand

Thread Wallets was born out of a simple inconvenience: co-founder Colby Bauer lost his wallet while surfing in Hawaii. His makeshift solution, a broccoli rubber band wrapped around his cards, became the prototype for what would become the brand’s first product.

In 2015, Colby and McKenzie Bauer launched the company from a garage, crafting minimalist wallets by hand. The product resonated, and the brand quickly grew into a category-defining carry company.

Today, Thread Wallets offers a wide range of “carry essentials,” including wallets, bags, slings, and lanyards. They operate across five sales channels: their website, Amazon, wholesale, brick-and-mortar retail, and custom corporate gifting. Thread Wallets partners with more than 1,000 businesses and you can see them on shelves at retailers including REI, Marshalls, Tilly’s, and Scheels.

In the past year alone, the brand expanded its national wholesale footprint by 158%, onboarding new major partners like REI and Marshall Retail Group – retailers that often require extended Net 60 terms and large upfront inventory commitments.

Despite the growth, Thread Wallets has never raised outside equity. The company has scaled profitably and independently staying true to its scrappy roots.

The Turning Point

In 2023, Thread Wallets was facing new challenges. Revenue growth had slowed, wholesale partners were extending payment terms to 60+ days, and the company’s financial partner unexpectedly pulled their line of credit right before peak inventory season.

It was a pivotal moment. Without reliable working capital, Ryan and the team needed a financing partner that understood the cash cycle of consumer brands – fast-moving inventory, seasonal spikes, and retail payment delays.

That’s when their accounting firm, Ledger Gurus, recommended Settle.

Settle stepped in when our financing partners pulled our line of credit. They helped us keep inventory flowing, preserve cash, and get back to profitability all without giving up equity.

With Settle funding their purchase orders, Thread Wallets was able to replenish inventory, meet wholesale demand, and avoid dilution even in a tight capital environment.

Funding Growth and Navigating Tariffs

Settle’s capital came at a critical time. Tariffs on imported goods were looming, and Thread Wallets needed to move quickly to secure inventory ahead of price increases. Settle’s speed and flexibility allowed the team to place larger, faster POs with confidence.

Beyond tariffs, the business was also ramping up for seasonal highs like Prime Day and back-to-school. With Settle in place, Thread Wallets could match inventory to demand without straining their cash reserves.

That liquidity also helped fuel new product launches like the Aqua Sling and Pouch Wallet, both of which contributed to a 28% year-over-year lift in DTC revenue.

With capital unlocked, growth returned. And with no outside investors to answer to, every decision continued to serve the team, the culture, and the brand.

Looking Ahead

Thread Wallets has already replaced its A/P tool with Settle for accounts payable and plans to expand its use of Settle to further consolidate and manage back-office operations

We replaced our AP tool with Settle because the interface is simply better. Once our ERP contract ends, we’re planning to move inventory tracking and cost over too. Settle is becoming our hub for payments, AP, and inventory.

As Thread Wallets scales across retail, wholesale, and DTC, their goal is to stay lean, agile, and financially sound, building the next phase of their business on a tech stack that supports ownership, flexibility, and focus.

Want to scale without giving up control? Settle helps brands like Thread Wallets unlock capital, streamline operations, and consolidate systems into a single financial hub.