Setpoint bags $31m in Series B to modernise credit infrastructure

By Gloria Mathias

Setpoint, the infrastructure provider for the credit industry, has announced the completion of its $31 million Series B funding round.

645 Ventures led the round, with significant investments from Citi and Wells Fargo, alongside Andreessen Horowitz, NextView Ventures, Floating Point, Henry Kravis, Zillow founder’s 75 & Sunny, Vesta Ventures, Fifth Wall, Eltura Ventures, and Outrunner Capital.

The newly raised funds will be channelled into research and development, with a focus on expanding Setpoint’s engineering and data science teams. By leveraging machine learning and large language models (LLMs), Setpoint aims to enhance the verification of asset data and calculations, driving further innovation in the credit infrastructure space.

Setpoint’s approach to automating debt facility management is rapidly becoming the new standard for the asset-backed industry. The company transforms the archaic backbone of managing credit facilities into a streamlined, error-free system, addressing a critical need in the market.

Designed for scalability, Setpoint distinguishes itself by empowering borrowers and lenders to easily navigate various complex financial arrangements, including forward flows, senior and subordinate warehouse financing, and both public and private securitizations.

Thomas Richardson, Head of Principal Technology Investments at Wells Fargo Strategic Capital, added, “We are excited to provide growth capital and to expand our relationship with Setpoint. Their deep domain expertise allows them to continue developing relevant technology, which enhances efficiency and automates the workflow of credit operations.”

645 Ventures, leading this round, shared, “Setpoint has become a cornerstone in the asset-backed ecosystem, earning the trust of the biggest financial institutions,” said Jon Smith, Principal at 645 Ventures. “We are proud to lead this round and support their vision of redefining the credit infrastructure landscape.”

“Setpoint is building trust in our credit system,” said Stuart Wall, CEO of Setpoint. “Our vision is to make credit transactions instant, automated, and error-free. This funding round, supported by leading financial institutions and investors, propels us forward in our mission to build the technology infrastructure for capital markets.”