The launch comes two months after securing a $250 million credit facility from Chicago-headquartered Victory Park Capital, Last year, Stem raised $20 million in a funding round led by QED Investors, a venture capitalist firm in the fintech space. While Stem offers curated distribution services for independent artists and labels, Tone will develop a suite of financial tools tailored to the music industry.
Source: Stem introduces ‘Tone’ financial services platform for the music industry