Setpoint Raises $31M in Series B Funding from Wells Fargo, Citi, 645 Ventures, Andreessen Horowitz, and More to Transform Credit Infrastructure

Date – 13-Aug-2024

Setpoint, a leading provider of credit infrastructure, has successfully closed a $31 million Series B funding round. The round was led by 645 Ventures, with significant participation from Citi, Wells Fargo, Andreessen Horowitz, NextView Ventures, Floating Point, Henry Kravis, Zillow founder’s 75 & Sunny, Vesta Ventures, Fifth Wall, Eltura Ventures, and Outrunner Capital. This latest funding brings Setpoint’s total capital raised to $76 million, underscoring its position as a key technology partner for major financial institutions and capital users.

Setpoint’s innovative approach to automating debt facility management is setting a new industry standard. The company’s technology modernizes the management of credit facilities, turning outdated systems into streamlined, error-free processes.

Since its previous funding round, Setpoint has achieved a 6x increase in year-over-year revenue and secured major clients such as GreenSky, Carvana, Fundbox, Nomura, Capchase, Kyte, Archwest, and Pathway.

The company’s Asset OS software digitalizes and verifies data, while its Capital OS software automates funding and compliance, setting a new benchmark for efficient credit transactions. Setpoint’s scalable solutions enhance the management of complex financial arrangements and are designed to improve efficiency for both borrowers and lenders.

Patrick Brett of Citi SPRINT noted, “Setpoint’s software is positioned to revolutionize how originators and lenders interact with capital markets, driving efficiency and accuracy.”

C. Thomas Richardson from Wells Fargo Strategic Capital added, “We are excited to support Setpoint’s growth and their efforts to enhance the efficiency of credit operations.”

Jon Smith of 645 Ventures remarked, “Setpoint has earned the trust of major financial institutions and is a cornerstone in the asset-backed ecosystem. We are proud to lead this funding round and support their vision.”

The new funds will be used to expand Setpoint’s engineering and data science teams, focusing on leveraging machine learning and large language models to enhance asset data verification and drive innovation in credit infrastructure.

“Setpoint is committed to transforming credit transactions to be instant, automated, and error-free,” said Setpoint CEO Stuart Wall. “This funding round propels us forward in building the technology infrastructure for capital markets.”