When does it start?
Settlin’s new site is just one step along the way to its initial launch in 2021.
At that point, the company will be operating from a new headquarters in Singapore, and its products will be available to all of its customers, including those who currently use Settlin.
The company is currently working on a new business model to take advantage of the shifting retail landscape, which is something the startup will be able to leverage to its advantage.
“Our initial strategy is to be able take advantage by having a more holistic view of the market, and to offer a wide range of solutions to our customers,” said Settlin CEO Anshu Sharma in a press release.
“We’re aiming to have a product suite that will enable a customer to select the solution they want, based on their needs, in an efficient and cost-effective manner.”
The move to Singapore is a first for Settlin, which has previously relocated to the United States and Canada.
The move comes as the company has struggled to retain key employees after it lost the $3.5 billion funding round led by Kleiner Perkins in February 2017.
Settlin announced the loss in January of that year, and had yet to announce the sale of its office.
Sharma had hoped to have the company’s remaining employees in the United Kingdom by 2020, but the company announced it would not pursue the plan.
The loss was a setback for the startup, which had been aiming to expand its operations in Asia.
The startup has been under a cloud of rumors surrounding its financial future, and a number of major investors have been holding off on investing in the company.