Music Business Worldwide reports: “Los Angeles-headquartered music distribution and payments platform Stem has launched a new financial services platform under the ‘Tone’ brand. Stem says that Tone aims to “fix the broken financial processes” across the music industry. 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.”
