Comparison · 2026 edition
Settle vs Virgin Money (Nationwide): trade finance compared 2026.
Settle and Virgin Money (Nationwide) side by side in the Trade Finance Index 2026: scores, evidence, published facts and awards.
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Settle and Virgin Money (Nationwide) side by side in the Trade Finance Index 2026: scores, evidence, published facts and awards.
In the Trade Finance Index, Settle scores higher overall: 3.2 out of 5 (65 out of 100) against 3.0 (60), ranking 2 and 5 of 14. Settle also scores higher in every segment.
Overall and segment scores out of 100, and the score out of 5.
| Score | Settle | Virgin Money (Nationwide) |
|---|---|---|
| Score out of 5 | 3.2 | 3.0 |
| Score out of 100 | 65 | 60 |
| Overall rank | 2 of 14 | 5 of 14 |
| For importers (out of 100) | 64, rank 3 | 60, rank 5 |
| For exporters (out of 100) | 66, rank 2 | 57, rank 6 |
| For wholesalers (out of 100) | 66, rank 3 | 62, rank 4 |
| Type | US fintech lender | UK building society (Nationwide) |
Each score with the evidence behind it.
| Criterion | Settle | Virgin Money (Nationwide) |
|---|---|---|
| Products | 3/5 Supplier bill financing and purchase order financing are published. | 5/5 Letters of credit, collections, guarantees, import and export loans, bill discounting and a UKEF-backed facility are published. |
| Published cost | 2/5 Pricing is explained with a worked APR illustration, but no standard rate is published. | 3/5 Commissions and minimums for trade services are published; loan pricing is not. |
| Facility size and tenor | 5/5 From $20,000 to $15 million with repayment extendable to 180 days. | 3/5 Only the General Export Facility maximum (GBP 31.25 million, up to two years) is published. |
| Speed | 4/5 Approval in one to three business days and funds in a few days are published. | 0/5 No processing times published. |
| Access | 3/5 Published minimums and personal guarantees typically not required, but only US consumer brands are served. | 2/5 UK businesses only, with published export criteria for the UKEF facility. |
| Standing | 3/5 An established non-bank with $4 billion funded and a named credit facility; the lending entity and licence are not stated. | 5/5 A deposit-taking UK building society with FSCS protection. |
Each criterion is scored 0 to 5 against the best published offer in the Trade Finance Index. 0 means not offered or not published. How it is scored
What each provider publishes on its own pages, read on 21 October 2026.
| Fact | Settle | Virgin Money (Nationwide) |
|---|---|---|
| Legal status | 'Settle Inc.', 36 W 20th St #10, New York, NY 10011. The financing page does not name the lending entity, a partner bank or any state lending licence. | Tariff issued by 'Nationwide Building Society (trading as Virgin Money)'. Following court approval on 23 February 2026, Virgin Money's business transferred to Nationwide on 2 April 2026; 'Nationwide is now your account provider'. FSCS 'protects eligible deposits up to £120,000 per person'. |
| Products | Working Capital: Settle pays supplier bills on Extended Payment Terms (single repayment) or Amortized Terms; purchase order financing mentioned in the FAQ. Bill pay to international vendors 'via no or low-cost wire transfer in either USD or a foreign currency' (90 currencies). | Import and export letters of credit, documentary collections, international guarantees and bonds, import and export trade loans, avalisations and bill discounting, and the General Export Facility (UK Export Finance backed). |
| Published cost | Simple interest on the outstanding balance; no base rate or fee schedule. FAQ illustration: a 1.4% monthly simple-interest rate equals a 17.03% APR. International wires $13 to $15 by plan. | International trade tariff: import LC 'Opened 0.35% per first 3 months or part thereof. Min £75.00', then 0.12% a month; export LC advising GBP 50, acceptance 0.15% a month (min GBP 50); sight collections 0.275% (min GBP 30, max GBP 100); usance collections 0.4% (min GBP 40, max GBP 120); guarantees '2.5% per annum' plus GBP 160 establishment fee. Trade loan pricing not published; General Export Facility: 'Arrangement fees are payable every year'. |
| Facility size and tenor | 'Approvals from $20K to $15M.' Repayment due in 30 days, extendable to 180 days (help centre: in 30-day steps up to 120 days for Extended Payment Terms). | General Export Facility 'up to a maximum equivalent £31.25m', standard terms up to 2 years (up to 5 with approval). Other sizes and tenors not published. |
| Speed | Approval in 1 to 3 business days; 'Most founders get funds in a few days'. Each financed payment reviewed in 1 to 2 business days. | Processing times not published. |
| Who can apply | Consumer brands that hold inventory; trailing twelve-month revenue of at least $500,000; at least one year in operation. Personal guarantees 'typically' not required. US focus implied; countries not stated. | Business 'must be based and operate in the UK', excluding the Channel Islands, Isle of Man and Northern Ireland; applicants 18 or over. General Export Facility: at least 5% export sales in each of the last three years, or over 20% in any one year. |
| Funding and history | 'Funded over $4B'; a $240M credit facility from a financial institution and an NYC asset manager. Investors include Ribbit Capital, Kleiner Perkins and Founders Fund. | A UK building society taking FSCS-protected deposits; 'Virgin Money are members of the UK Government Export Finance Scheme'. |
| Date read | 21 October 2026 | 21 October 2026 |
Not published or not stated by Settle: who can apply, published cost and standing.
Not published or not stated by Virgin Money (Nationwide): published cost, facility size and tenor and speed.
Facts read on 21 October 2026 from: settle.com/financing, help.settle.com/en/articles/…, help.settle.com/en/articles/…; and uk.virginmoney.com/business/…, uk.virginmoney.com/downloads/pdf/business/…, uk.virginmoney.com/business/…, uk.virginmoney.com/nationwide-transfer/….
Awards follow from the published scores and cannot be bought.
From each provider's strongest criteria and published terms.
US consumer brands extending supplier terms to 180 days.
UK exporters using a UK Export Finance backed facility.
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