Setscale raises a total of $80m in equity-debt to expand tech offerings
By Delisha Fernandes
Setscale, a FinTech startup enhancing purchase order financing for SMBs, has announced it has raised a $9.5 million seed funding round and secured up to $70 millions in debt.
“As a business owner, I’ve experienced the struggles of financing purchase orders first-hand,” said Daniel Fine, CEO and Founder. “There’s a need for more financing options for companies that might 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’s 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.”
Round participants include Fin Capital, Great Oaks, Mantis, WndrCo, Ethos and Jaws, and executives and founders from top FinTech and SaaS companies. Coming out of stealth, Setscale’s leadership team is rounded out by Jesse Roth, Chief Business Officer and General Counsel; Tami Mohney, Chief Strategy Officer; Don Renyer, Chief Product Officer; and Tim Bjorkman, Chief Technology Officer.
Setscale will use the funding to expand its current tech offerings, continue building its team, and double down on marketing efforts. The debt facility enables Setscale to deploy capital to its partners to finance product purchases from credit-worthy end buyers.
“We are committed to supporting repeat founders, and Daniel’s vast experience in many business endeavours gives him a unique perspective on what business owners need, especially in this challenging climate,” said Logan Allin, Founder and Managing Partner of Fin Capital. “Setscale’s innovative approach to purchasing order financing is exactly the type of B2B FinTech Fin Capital is excited about, bringing scalability to businesses.”
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