TLDR:
- New York-based fintech Setpoint secured a $31 million Series B funding round led by 645 Ventures.
- The funding will be used to fuel research and development, focusing on expanding engineering and data science teams.
In a recent news article, Setpoint, a fintech company based in New York, announced that it has successfully secured a $31 million Series B funding round led by venture capital firm 645 Ventures. The funding round also saw participation from investors such as Andreessen Horowitz, NextView Ventures, Citi, Vesta Ventures, Fifth Wall, and Wells Fargo, among others.
Setpoint, founded in 2021, offers tech infrastructure for real estate and asset-backed lending, positioning itself as the “capital markets operating system.” The company has developed software that automates debt facility management and centralizes borrower activity in a single platform, aiming to reduce costs and enhance speed for borrowers and lenders in various sectors, including real estate, auto, consumer, and small and medium-sized businesses.
The $31 million Series B funding will be used to further research and development efforts at Setpoint, with a specific focus on expanding its engineering and data science teams. The company also plans to improve asset data verification and calculations through the implementation of machine learning and large language models (LLMs).
Noteworthy is Setpoint’s acquisition of Resolute Diligence Solutions last year, a due diligence provider specialized in residential transition loans (RTL) and single-family rentals (SFR). The latest funding brings Setpoint’s total capital raised to $76 million, including a previous $43 million Series A led by Andreessen Horowitz in 2022.
Overall, the new funding round positions Setpoint well to continue developing innovative solutions for the lending and real estate sectors, aiming to drive growth, efficiency, and profitability for businesses and borrowers alike.
