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Settled is a technology company.
Settle provides a financial operations platform specifically designed for consumer packaged goods and e-commerce brands. The company’s core product streamlines back-office processes through smarter procurement, automated accounts payable, and swift vendor payments. Its technical approach integrates purchase order management, bill itemization, and approval workflows, complemented by embedded working capital solutions for inventory financing, which collectively reduce manual effort and improve cash flow visibility.
The company was founded in 2019 by Alek Koenig and Shane Moriah. Koenig, serving as CEO, leveraged his extensive background in consumer lending, risk management, and financial products from his tenure at Capital One, while Moriah, the CTO, brought a strong foundation in computer science. Their shared insight identified a critical market need for integrated financial tools to address the distinct cash flow and inventory financing challenges faced by rapidly scaling direct-to-consumer businesses.
Settle caters to a diverse range of e-commerce businesses, including Shopify and Amazon sellers, and CPG brands across various sub-verticals. The platform empowers these businesses to manage their financial transactions more efficiently, from procurement to payment. Settle’s long-term vision is to enable consumer brands to operate with greater confidence and growth potential by automating complex financial operations and providing flexible, non-dilutive capital.
Settled has raised $2.0M across 1 funding round.
Settled has raised $2.0M in total across 1 funding round.
Settled has raised $2.0M in total across 1 funding round.
Settled's investors include Adeyemi Ajao, Connect Ventures, Ian Hogarth, Robin Klein.
Settle Group (formerly Auka) is a Norwegian fintech company founded in 2010 that provides a white-label financial services platform for banks, enabling them to launch mobile payment services with real-time payments, clearing, settlements, card processing, and more.[1][2] It serves banks and financial institutions across Europe, solving the problem of competition from third-party providers and startups by offering a cloud-based, regulated platform for instant national and cross-border payments using phone numbers, now available in all EU countries plus Norway.[1][2] The company has demonstrated strong growth, including being named the fastest-growing fintech in EMEA by Deloitte in 2016 (4th overall on their Technology Fast 500 list), and continues expanding as Europe's mobile payment network with features like business acceptance for cross-border sales.[1][2]
Note: Search results also reference a US-based Settle (settle.com) focused on CPG procurement, payments, and financing for brands, with over $3B in funding provided since 2019 and 550% average 1-year revenue growth for supported customers.[3] However, given the query's "Settled - Settled is a technology company" and primary matches to the Norwegian entity (including "Settle Group" and settle.eu), this overview prioritizes Settle Group; the US firm appears distinct.
Settle Group's journey began with an idea in 2006 when founder Daniel Riisager Døderlein envisioned a simple way to send, receive, and accept payments as easily as texting, leading to the invention of app-based mobile payments.[2] The company was formally founded in 2010 in Norway, pioneering financial technology with a patent granted in November 2015 for its mobile payment technology and method.[1][2] Early traction came in 2014 with the launch of mCASH in the Norwegian market—the first regulated financial services company running fully in the cloud—followed by selling the mCASH operations to SpareBank 1 in 2015 to focus on global white-label platform sales.[1][2]
Key milestones include rebranding to Auka in 2016 after the sale, earning Deloitte's fastest-growing fintech award in EMEA that year, creating the Settle payment scheme in 2018 for national and pan-European scale, launching in Croatia in 2021, and enabling cross-border payments across 28 countries by January 2022.[2] Founders Daniel Riisager Døderlein (CEO) and Maria Akkuratnova (COO) have driven this evolution from a Norwegian startup (11-50 employees, Series A funded) to a B2B/B2C fintech platform.[1]
Settle Group rides the trend of real-time payments and open banking across Europe, capitalizing on regulations like PSD2 that mandate instant payment infrastructures and cross-border interoperability.[2] Timing is ideal post-2018, as EU-wide instant payments mandates (e.g., via TIPS and national schemes) create demand for scalable networks, positioning Settle to interconnect markets and challenge incumbents like Visa/Mastercard or Big Tech wallets.[1][2] Market forces favoring it include rising mobile adoption, fintech saturation in Nordics (its Norway success story), and banks' need for in-house solutions amid third-party competition.[1]
It influences the ecosystem by empowering banks as "national winners" through white-label tech, fostering a unified pan-European mobile payment layer that boosts SME cross-border commerce and reduces fragmentation.[2]
Settle Group is poised to solidify as Europe's backbone for bank-led mobile payments, with expansion into more acceptance points, deeper API integrations for merchants, and potential non-EU growth amid global real-time payment booms (e.g., FedNow in the US, UPI in India).[2] Trends like embedded finance, AI-driven fraud prevention, and CBDC interoperability will shape its path, amplifying its network effects as more countries mandate instant payments by 2025.[2] Its influence may evolve from Nordic pioneer to indispensable EU infrastructure, enabling banks to "fight competition" while driving seamless, phone-based economic flows—echoing its 2006 vision of payments as easy as texting.[1][2]
Settled has raised $2.0M across 1 funding round. Most recently, it raised $2.0M Seed in June 2017.
| Date | Round | Lead Investors | Other Investors |
|---|---|---|---|
| Jun 1, 2017 | $2.0M Seed | Adeyemi Ajao, Connect Ventures, Ian Hogarth, Robin Klein |