Music Fintech Stem Providing $100 Million in Advances to Musicians

The coronavirus continues to wreak havoc on all areas of the economy; musicians that have relied on live performances for their income have seen this income dry up; Stem, a five year old music fintech based in LA, has released Scale, a $100 million fund that provides advances for musicians based on their projected earnings four to 18 months into the future; Stem works with independent artists to not only help them financially but also assist with marketing and growing their fanbase; they received requests for $18 million in the first 24 hours and expect the $100 million fund will be exhausted soon. Business Insider

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