Cash-flow management firm Settle has secured up to $145 million in a new credit facility from Silicon Valley Bank, the startup tells Axios exclusively.
Driving the news: The funds will be used to expand its ability to offer working capital to consumer brands and e-commerce businesses.
How it works: Settle provides a suite of cashflow-management tools, including bill pay, invoice tracking and accounts payable management, that are optimized to help e-commerce brands manage their finances.
Crucially, the startup also offers financing options to those businesses to bridge the gap between inventory purchases and product sales.
To date, the company has originated over $1 billion of working capital loans.
Between the lines: The additional credit facility will allow Settle to expand the amount of financing it can offer, and enable it to go after some larger customers.
"The last thing I want to do is work with someone that we got pretty early on and started scaling with them, then saying, 'We can't support you anymore,'" Settle CEO Alek Koenig says.
"This is key, so that we can go a little bit more upmarket with our more significant customers," he added.
The company did not offer specifics on the size of financings it supports.
"At the time, we were just like, 'Well, this isn't going to happen, but we're so close to the finish line, let's just give it a shot,'" Koenig says. "It turns out, they were still 100% aligned and able to do it."
Of note: The new financing comes on top of a $280 million revolving credit facility from Citibank and Atalaya that Settle secured last year.
Settle has also raised $100 million in equity financing from investors that include Ribbit Capital, Kleiner Perkins, Caffeinated Capital, Stripes, Better Tomorrow Ventures, Founders Fund, SciFi Ventures, Citi Ventures, and Activant Capital.