Los Angeles-based Stem, a music distribution and payments platform, has unveiled its new financial services platform, ‘Tone,’ with the goal of rectifying financial inefficiencies in the music industry; the launch follows Stem’s recent $250 million credit facility acquisition from Victory Park Capital and a $20 million funding round led by QED Investors in the fintech sector last year, and while Stem specializes in curated distribution services for independent artists and labels.
Tone will concentrate on crafting a suite of financial tools tailored specifically to the music sector, and it will operate under Stem Disintermedia, headed by CEO Milana Lewis, with Brendan Kao, former Chief Product Officer, assuming the role of President of Tone, while Kristin Graziani remains as President of Stem Distribution, and Tone’s royalties division is led by Tracey Melnick.
