Israeli-American fintech startup BlueVine said it closed a $49 million Series D funding round led by existing investors, including Lightspeed Venture Partners, Menlo Ventures, 83North, Citi Ventures, Rakuten FinTech Fund and Silicon Valley Bank.
Since launching in March 2014, BlueVine’s cloud-based financing solutions have helped thousands of small businesses obtain quick, easy access to the funds they need to purchase inventory, cover expenses and expand operations.
“We are very proud of all we’ve accomplished in 2016 and excited to continue on our incredible growth trajectory,” said Eyal Lifshitz, CEO and founder of BlueVine. “BlueVine is delivering unprecedented ease and convenience to meet SMB owners’ financing needs and help them achieve their goals.”
This financing will support BlueVine’s rapid growth as it expands its team and range of offerings. BlueVine has already funded more than $200 million in working capital for SMBs and is on track to fund more than $500 million in working capital during 2017.
“This team continues to push the pace of innovation to deliver best-in-class everyday financing products,” said Yoni Cheifetz of Lightspeed Venture Partners. “We are delighted to have supported BlueVine’s journey to date and thrilled to enable them to bring their vision to thousands more SMBs across the country.”
“BlueVine’s business line of credit has proven to be very popular with QuickBooks users,” said Rania Succar, business leader of QuickBooks Financing. “It fills a critical part of the QuickBooks Financing portfolio and allows us to extend credit to younger businesses. We are excited about expanding our partnership to serve even more QuickBooks SMBs with BlueVine’s business line of credit.”
BlueVine also increased its maximum credit lines based on client demand. For invoice factoring the maximum credit limit was increased from $250,000 to $2,000,000, and for business lines of credit the maximum credit limit was increased from $50,000 to $100,000. BlueVine offers credit lines starting at $5,000 for a business line of credit and $20,000 for invoice factoring.
BlueVine offers small businesses financing solutions to access the funds they need to purchase inventory, cover expenses or expand operations. BlueVine was the first factoring company to develop a fully online, cloud-based platform for invoice factoring, enabling rapid advances on outstanding invoices due in 7-90 days and bringing a 4,000-year-old industry into the digital age. BlueVine also offers Flex Credit — an on-demand, revolving line of credit — through the same online platform.
Photo: Eyal Lifshitz, CEO and founder of BlueVine.