Infrastructure provider for the credit industry Setpoint has announced that it secured USD 31 million in a Series B funding round. Lead by 645 Ventures, Setpoint’s funding round also saw participation and investments from Citi and Wells Fargo, as well as Andreessen Horowitz, NextView Ventures, Floating Point, Henry Kravis, 75 & Sunny, Vesta Ventures, Fifth Wall, Eltura Ventures, and Outrunner Capital.

Bringing the total capital raised by the firm to nearly USD 76 million, the current fund injection underlines Setpoint’s capabilities and its role as a technology partner for financial institutions and users of capital. The newly acquired funds are set to be directed by Setpoint towards research and development, mostly centring its efforts on expanding its engineering and data science teams. In addition, by utilising machine learning and large language models (LLMs), the company plans to optimise the verification of asset data and calculations, working towards advancing progress in the credit infrastructure landscape.

Representatives from Setpoint highlighted that their company is committed to making credit transactions instant, automated, and error-free. By obtaining the capital, the company aims to advance its mission of creating the technology infrastructure that supports the capital markets. Setpoint’s latest achievements and news Since December 2022, when Setpoint obtained USD 43 million in a Series A round led by Andreessen Horowitz, the company focused on advancing its operations and capabilities, while also increasing its user base.

Currently, some of its customers include GreenSky, Carvana, Fundbox, Nomura, Capchase, Kyte, Archwest, and Pathway, among others. Moreover, Setpoint entered strategic partnerships, with the most recent one being forged between the company and Wells Fargo in February 2024. At that time, the bank intended to allow Setpoint to expand its payment disbursement capabilities, with the latter assuming the roles of Paying Agent and Calculation Agent for several clients, including auto and real estate originators and lenders. Also, Wells Fargo planned to support Setpoint in solidifying its position within the technology and fintech ecosystem.

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