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Setpoint closed a $43M Series A led by Andreessen Horowitz with participation from Henry Kravis (KKR), Spencer Rascoff (co-founder Zillow & 75andSunny), Fifth Wall, 645 Ventures, NextView Ventures, LiveOak Venture Partners, Vesta Ventures, ATX Venture Partners and Capital Factory.
I’m excited to announce that Setpoint has partnered with David Haber and Andreessen Horowitz to build next gen infrastructure for real-estate and asset-backed lending. Ben, Mike and I launched Setpoint last year to help PropTech and SFR companies like Homeward access debt capital and scale efficiently. In 2023 we’ll enable 100,000 home transactions by powering SFR, I-Buying, Power Buying, Fractional Ownership, Rent-to-Own, and other models that make buying, selling and renting a home easier, faster and more accessible.
During this journey we realized that infrastructure and software for all asset-backed-lending is broken. We’re going to fix it.
Behind many of life’s most important transactions, from buying or renting a home to starting a business or using a credit card, is a complex system of trust and credit. Each day, billions move between warehouse lenders like Goldman Sachs and companies like Sofi that originate loans. These transactions are powered by email, Excel, paper documents and software developed in the 1980s. Errors and friction drive up the cost to lend or borrow. As a result, consumers and businesses lack equal access to trust and credit.
Our software is the funding OS for originators, verifies and stores documents, automates interest rate calculations and digitizes assets like homes or credit card loans. We make these warehouse transactions instant, automated and error free. Setpoint will make credit more widely available and the underlying assets and loans more liquid, which will drive down costs for lenders and borrowers.
2023 is the perfect time to overhaul America’s credit infrastructure. Near-zero interest rates during COVID helped consumers and businesses overcome high transaction costs. As rates rise, infrastructure and technology will be critical to ensure trust and credit is available to the PropTechs, people and businesses who need it.
It’s a big vision. Now it’s time to get to work.
Onward!
Stuart Wall / Co-Founder & CEO