Fintech Settle Introduces Purchasing, Procurement Suite for Digital Commerce Firms

Settle, the cash-flow management platform, recently announced a new purchasing suite designed specifically for founders of e-commerce businesses.

Purpose-built to streamline the challenge of purchasing and procurement, the new Settle Purchasing suite of tools “automates back-office tasks like bill pay, purchase order creation, auditing, reporting and more.”

Alek Koenig, CEO, Settle, said:

“The current economic climate and supply chain uncertainty have made frictionless procurement and purchasing more critical than ever to the survival of a small e-commerce business. The problem is most solutions that claim to solve this problem are built for enterprises, cutting out smaller, resource-constrained businesses. As a result, all of the office work involved is done manually, which creates room for delays and errors. Our new solution aims to level the playing field for these smaller players by giving them enterprise-grade purchasing and procurement capabilities at SMB pricing. This aligns with our vision of helping founders save time, reduce risk, and ultimately focus on what matters most: growing their businesses.”

Settle brings enterprise level tools “at small business pricing, making it easy to get started with a free subscription, no long term multi-year software contracts, lengthy implementation timelines, or setup fees.”

Features and benefits of Settle’s new Purchasing suite include:

  • Streamlined Purchase-to-Pay Process: Transforming the purchase-to-pay process into an all-in-one, seamless experience. Create POs in minutes and automatically email them to vendors.
  • Simplified Auditing: Identify errors with a side-by-side comparison view of purchase orders, receipts, and invoices.
  • Effortless PO Organization: Search POs and track statuses using customizable tags for easy organization.

Already, high growth e-commerce businesses, “including HigherDOSE are using Settle’s purchasing suite to manage their purchasing and procurement processes end to end.”

Sumir Kadkha, COO, HigherDOSE, said:

“Having used Oracle, NetSuite, and other ERP systems in the past, Settle is perfect for our stage of the company—it has a clean interface and holds everything in one place making it really easy to track POs and pay bills.” 

This announcement comes “on the heels of Settle securing a $145M Credit Facility with Silicon Valley Bank.”

As noted in the update, Settle is on a mission “to build cash flow innovation for founders.”

Settle empowers consumer small businesses “to thrive by taking the worry out of cash flow management with an all-in-one platform helping e-commerce brands level up their cash flow from startup to what’s next.”

Settle’s solution is built specifically “for founders of e-commerce and consumer growth brands in mind so you can easily quickly pay vendors, three-way match POs, manage invoices and, for businesses that qualify, access flexible, short-term financing solutions with Settle Working Capital.”

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