The accounts payable startup and modern working capital partner will team up to fund brands from inventory build through sales
Cashflow management startup Settle and modern working capital partner Dwight Funding launched a strategic partnership today to better serve the capital needs of growth-stage brands in the CPG industry.
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“Lending to businesses that not only care about growing quickly, but also responsibly, ensures that our interests are aligned; we’re forming long term relationships with our customers and intend to support them through their many stages of growth”
The two companies say the partnership is a natural fit due to their shared missions and complementary products. Both businesses are focused on disrupting traditionally slow-moving industries by bridging gaps in the cash conversion cycle using a founder-friendly, tech-enabled approach. Settle has simplified the bill pay workflow with its suite of tools, funding payables, and Dwight has modernized asset-based lending, funding receivables and inventory.
Ben Brachot, Dwight’s Co-founder & Managing Director adds, “The Dwight-Settle partnership is an instance in which the whole is greater than the sum of its parts. Settle and Dwight are here to make sure founders have modern, simple access to capital. By combining forces, we can ensure clients are able to fund the entire product lifecycle from production to sales.”
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In practice, Settle and Dwight place great value on maintaining flexible and transparent terms, as opposed to the rigid, complicated structures of more traditional counterparts. The products were specifically designed for long-term growth, with no hidden fees and the potential to scale in parallel with the brand. What’s more, both offerings make working with them easy: Settle allows clients to defer vendor payments by 30-120 days, while Dwight offers revolving credit lines with hassle-free reporting and a partnership approach like that of an equity sponsor. Finally, the Dwight-Settle experience is as digitally native as the companies it serves, building on proprietary technology that minimizes friction. Through the partnership, the companies are also prioritizing the use of data to make smarter lending decisions that benefit borrowers. “Lending to businesses that not only care about growing quickly, but also responsibly, ensures that our interests are aligned; we’re forming long term relationships with our customers and intend to support them through their many stages of growth,” says Settle founder Alek Koenig.
Many growth-stage CPG brands have already found value in using the two products side by side. Looking ahead, the teams say that they’re just scratching the surface of this long term partnership. “We’re excited to be working with a partner that really shares and understands our emphasis on building a positive customer experience,” shared Koenig. The companies are committed to continuing to improve the customer experience by exploring future-looking tools that leverage both parties’ strengths.