Settle, the fintech company helping consumer packaged goods (CPG) and e-commerce businesses manage cash flow, has raised $60 million in Series B funding to accelerate product development, expand its team, and grow its integrated financial operations platform. The financing comes as more fast-growing brands seek alternatives to traditional financing while looking for software that simplifies purchasing, payments, and inventory management.

The Series B round was led by Ribbit Capital and included participation from existing investors Kleiner Perkins and Caffeinated Capital. The investment followed Settle’s rapid customer growth after launching its platform in 2020, during a period when online retail demand surged and many consumer brands required additional working capital to purchase inventory and keep pace with sales.

Founded in 2019 by Alek Koenig and Shane Moriah, Settle was created to solve one of the biggest operational challenges facing consumer brands: managing inventory purchases while preserving cash flow. Many growing businesses must pay suppliers months before products are sold, creating a financing gap that can restrict expansion. Settle addresses this problem by combining accounts payable software with embedded working capital, allowing businesses to pay vendors immediately while repaying Settle after inventory has been sold.

Rather than operating solely as a lender or a payment platform, Settle integrates procurement, bill payment, inventory financing, and financial management into a single workflow. The company believes that combining software with financing enables businesses to reduce administrative work while making better decisions about purchasing, inventory levels, and cash management.

According to the company, merchants using Settle can automate accounts payable processes, manage purchase orders, track invoices, monitor inventory costs, and access non-dilutive financing without giving up ownership in their businesses. This integrated approach is intended to replace multiple disconnected financial tools while helping brands maintain healthier cash flow during periods of rapid growth.

The newly raised capital was earmarked to expand Settle’s engineering organization, strengthen product development, and introduce additional integrations with accounting, inventory management, and commerce platforms. The company also planned to increase hiring across customer success, operations, and sales as adoption continued to accelerate.

Chief Executive Officer Alek Koenig said the company’s mission is to help entrepreneurs build stronger consumer brands by removing unnecessary financial friction. He noted that while many founders spend significant time managing payments, suppliers, and financing relationships, those administrative burdens often distract from growing their businesses and serving customers.

The investment from Ribbit Capital brought additional fintech expertise to the company. Ribbit has built a global reputation for backing innovative financial technology businesses, while existing investors Kleiner Perkins and Caffeinated Capital reaffirmed their confidence by participating in the new financing round. Prior to the Series B, Settle had completed a $15 million Series A led by Kleiner Perkins after an earlier seed round led by Founders Fund.

Since launching commercially, Settle has significantly expanded its customer base by serving consumer brands across categories including food and beverage, beauty, health and wellness, apparel, and household products. Businesses use the platform to simplify procurement operations while securing working capital to fund inventory purchases, marketing initiatives, packaging, and other growth investments.

The company has continued expanding its platform beyond financing. In recent years, Settle introduced procurement management, landed cost automation, purchase order management, and enhanced accounts payable capabilities, allowing brands to manage more of their back-office operations from a unified platform. It has also expanded its financing business, providing billions of dollars in working capital to thousands of consumer brands.

To further strengthen its lending capabilities, Settle later secured a credit facility of up to $145 million from Silicon Valley Bank, enabling the company to increase the amount of financing available to customers and support larger consumer brands with more complex inventory requirements.

As inflation, supply chain disruptions, and shifting consumer demand continue to challenge retail businesses, access to flexible working capital has become increasingly important. Settle believes its combination of software automation and embedded financing provides founders with greater operational visibility while helping them avoid equity dilution and expensive traditional financing alternatives.

With the backing of Ribbit Capital, Kleiner Perkins, Caffeinated Capital, and earlier investor Founders Fund, Settle is positioned to continue expanding its financial operations platform for consumer brands. As businesses increasingly seek integrated solutions that combine payments, procurement, financing, and cash flow management, the company aims to become a central operating platform for modern CPG and e-commerce businesses.

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