Cashflow management startup Settle with office in Lviv raises $60M

Settle has raised $60M in Series B funding round led by Ribbit Capital, as the company told AIN.UA. Kleiner Perkins, Caffeinated Capital, Activant Capital and Stripes are also among the investors.

The startup has a team in Ukraine that participates in Settle’s establishment and is fully responsible for its product design.

About Settle 

Cashflow management startup Settle was founded by Alek Koenig in 2019 to provide alternative lending to businesses. It combines payments, financing and accounting integrations into one tool so that brands can scale faster. Italic, Huron, Brightland, Branch and Better Booch are among Settle’s clients. 

According to the company’s data, Settle has increased its incomes by a factor of 20  in 2021 and has grown to 500 merchants since last summer. 

About Ukrainian team

Settle has an office is located in Lviv with 13 specialists so far, but their number will grow. Several positions are now opened and can be found here. The company offers employees options and the ability to work remotely. Settle told AIN.UA that it plans to hire 1-2 people monthly for its Ukrainian office. Currently, the company is looking for only Senior-level specialists. 

“Our team in Lviv is a founding team. We started at the end of 2019 with a team of four: founder Alec Koenig, me as a product designer and two engineers, – Evgeniy Rudy told AIN.UA.

Half of the engineers and all the product designers are in Ukraine, the other half of the engineers, the business team, CTO and CEO are in the States”.

In general, the company employs 40 people, and in the near future their number will be increased to 100 by next year. In addition to Lviv, Settle also has offices in San Francisco and New York.

Details of the deal

According to Techcrunch, Settle has raised a new round of investments five months after Settle announced a $15 million Series A round, led by Kleiner Perkins, to give the company a total of $100 million raised to date.

The new funding will allow the company to quickly introduce new products to the market, as well as to expand its team by attracting the best engineers.