(Bloomberg) -- Settle, a financial-technology startup that helps e-commerce companies manage cash flow, is in talks to raise fresh funding at a valuation of roughly $600 million, according to people with knowledge of the matter.

The San Francisco-base company’s founder and chief executive officer is Alek Koenig, the former head of credit at Affirm Holdings Inc. it is discussing a potential capital injection with institutional investors, the people said, requesting anonymity as the round isn’t public. Terms aren’t finalized and could still change, they added.

The company, founded in 2019, has more than 500 customers, some of which benefited from a spike in online shopping during the pandemic, a person with knowledge of the matter said. These include furniture maker Branch, cookware retailer Caraway, apparel maker Jambys and kombucha producer Better Booch, Settle’s website shows.

A Settle representative declined to comment.

Settle’s technology automates business-to-business payments. The company tracks receivables and pays vendor invoices on behalf of its small-business customers, giving them 30 to 120 days for repayment, its website shows.

It’s a business that’s attracted growing interest from venture capitalists and public investors alike in recent years, who have poured money into rivals like Bill.com Holdings Inc. and AvidXchange.

Earlier this year, it raised funding from venture firm Kleiner Perkins, according to PitchBook data. Other investors include Max Levchin and Nellie Levchin’s SciFi VC, Founders Fund, Background Capital, Work Life Ventures and Caffeinated Capital.

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