Music distributor and payments firm Stem is raising money again: a $20m funding round led by VC firm QED Investors. However, it’s another investor in the round that piqued our attention: Block.
Yes, Jack Dorsey’s fintech company – formerly known as Square – that is also the owner of music streaming service Tidal.
Stem said that the funding will be used to “launch a range of tools to simplify royalty accounting for artists and labels, no matter who they choose as a distribution partner” including “capabilities to calculate royalties and process payments with greater speed, visibility, and accountability”.
That seems to mesh well with Block’s interest in creating fintech tools for the music industry. “Square created ecosystems of tools for sellers & individuals, and we’ll do the same for artists,” said Dorsey at the time of the Tidal acquisition.
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Tools :: Wyng
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