Fintech Setscale Aims to Finance Purchase Orders, Raises $9.5 Million Seed Round

Setscale is a Fintech startup that aims to help small businesses finance purchase orders. The company has just emerged from stealth and has announced a $9.5 million Seed round accompanied by $70 million in debt financing. The funding round was backed by Fin Capital, Great Oaks, Mantis, WndrCo, Ethos, and Jaws.

Setscale explains that too frequently, smaller firms receive purchase orders but don’t have the money to fill them. Setscale has created a tech stack that finances the cost of those goods, allowing small businesses to focus on product and sales.

Daniel Fine, SetScale founder and CEO, says he saw the opportunity after he and his team built a nine-figure business but left millions in orders on the table due to a lack of capital. At the same time, banks have historically not served SMEs well, and recent bank failures mean tighter credit is coming. Instead of depending on traditional financial services firms, Setscale can support SMEs independently or in partnership with existing capital to fund their inventory and purchase orders.

Fine says that he has experienced the struggles first hand clearly, there is a demand for more financing options as legacy finance is ignoring this need.

“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.”

“We are committed to supporting repeat founders, and Daniel’s vast experience in many business endeavors gives him a unique perspective on what business owners need, especially in this challenging climate,” says Logan Allin, Founder and Managing Partner of Fin Capital, describing the service as exactly the type of Fintech they like to finance.

 


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