REDWOOD CITY, Calif., Oct. 17, 2017 /PRNewswire/ -- BlueVine is expanding its reach in online business lending with new debt financing of up to $130 million and a new additional line of credit product that allows business owners to make monthly, instead of weekly, payments, over 12 months.
BlueVine, the leading provider of working capital financing to small and medium-sized businesses, secured significant debt capital financing from leading banks and investors. The company is proud to partner with Silicon Valley Bank, SunTrust Bank, Bank Leumi and TriplePoint Venture Growth BDC Corp. in its latest fundraising activities. The new funds will support the scaling of BlueVine's pioneering online invoice factoring product and the company's overall growth.
Including the latest investments, BlueVine, which was founded in 2013, has raised $273 million in funding, including $68 million in equity financing and up to $205 million in debt financing.
"The new capital raise reflects BlueVine's relentless dedication to serving our customers, as well as our momentum as a business. We are thrilled to partner with Silicon Valley Bank, SunTrust Bank, Bank Leumi and TriplePoint Venture Growth on our way to future milestones," said Ana Sirbu, BlueVine's Vice President of Finance and Capital Markets. "We are building a business for the long term and we continuously strive to offer our customers the best working capital financing products. As a testament to that, over 80 percent of our business is now through returning customers."
BlueVine secured major funding as the company rolls out a 12-month business line of credit based on monthly payments, a new offering that would make it easier for business owners to meet their everyday funding needs.
BlueVine introduced the new product in response to client requests for a longer-term business line of credit with monthly payment plans. The new financing underscores the fintech pioneer's commitment to innovation based on customer needs.
The new product gives business owners 12 months to repay each withdrawal in full, meaning lower payments each month.
"BlueVine's goal is to offer the optimal solution for every working capital challenge faced by business owners, and our new product is another step forward in fulfilling this vision," says BlueVine Founder and CEO Eyal Lifshitz. "Business owners have diverse needs, and by augmenting our product offering, we are able to offer the solution that fits best."
For the other requirements and more information on the 12-month business line of credit, please visit BlueVine.com
BlueVine provides flexible working capital financing to small and medium-sized businesses, giving them quick access to funds needed to purchase inventory, cover expenses, or expand operations.
A fintech pioneer, BlueVine developed a fully-online cloud-based platform for invoice factoring, revolutionizing the 4,000-year old financing system that allows businesses to receive cash advances on outstanding invoices. BlueVine also offers Flex Credit, business line of credit financing based on 6-month and 12-month payment terms. Based in Redwood City, Calif., BlueVine has raised $273 million in equity and debt funding and is funded by Lightspeed Venture Partners, 83NORTH, Correlation Ventures, Citi Ventures, Menlo Ventures, Rakuten Fintech Fund and other private investors.