Setpoint Raises $43 Million in Series A Financing; Aims to Become the Stripe for Credit Business

Human beings have a penchant to excel in many different things, and yet there is little we do better than growing on a consistent basis. This tendency to improve under all circumstances has notably fetched us some huge milestones, with technology appearing as a rather unique member of the stated group. The main reason why technology’s credentials are so anomalous is based on its skill-set, which ushered us towards a reality nobody could have ever imagined otherwise. Nevertheless, if we look a little bit closer, it should become clear how the whole runner was also very much inspired by the way we applied those skills across a real-world environment. The latter component was, in fact, what gave the creation a spectrum-wide presence, and consequentially, kickstarted a tech revolution. This revolution, in turn, will scale up the human experience from every conceivable direction, but even after achieving such a monumental feat, technology will somehow continue to bring all the right goods to the table. The same has turned more and more evident in recent times, and truth be told, a new piece of funding does a lot to make that trend bigger and better moving forward.

Setpoint, a startup that has built software to help other companies close loan transactions faster, has successfully secured over $43 million in Series A financing. Led by Andreessen Horowitz (a16z), the round saw further participation coming from the likes of Stonecroft, 75andSunny, Fifth Wall, 645 Ventures, NextView Ventures, LiveOak Venture Partners, Vesta Ventures, ATX Venture Partners, Spencer Rascoff (founding CEO of Zillow), 8VC’s Joe Lonsdale, Betterment founding CEO Jon Stein, NextView Ventures, Capital Factory, and Wild Basin Investments. According to certain reports, the company will use the newly-raised cash to develop critical tools for its customers on both sides of asset-backed transactions. Apart from it, Setpoint will also dedicate a chunk of the money towards expanding beyond real estate and support all asset-backed lending. Founded in 2021, Setpoint started out with an intention to help proptech and asset-backed borrowers in offering next-generation home buying and credit options. To achieve this ambition, the New York-based company created a platform, which is designed to make “loan transactions instant, automated and error-free.” In a more practical sense, the platform does everything from verifying and storing documents to automating interest rate calculations, and digitizing assets such as homes.

When quizzed regarding Setpoint’s operation, David Haber, General Partner at Andreessen Horowitz, responded by saying:

“We’re thrilled to be partnering with the experienced team at Setpoint as they build critical software to power a more efficient asset-backed lending market. While there’s been much innovation and investment made upon improving the front-end of fintech transactions, behind-the-scenes capital market workflows are often a product of email, Excel, and FTP folders. I believe that Setpoint’s Funding OS has the potential to significantly improve the efficiency of these transactions, resulting in lower cost for both borrowers and lenders.”

Interestingly enough, Setpoint also has acts as a lender itself. The company has, so far, loaned or guaranteed more than $2 billion in capital, with names like Homeward, Opendoor, Flyhomes, Houwzer, and more forming its clientele.

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