BlueVine snags $75m credit line from Fortress Credit

Small business lender BlueVine has picked up $75m in a warehouse credit line from investment management firm Fortress Credit.

The Redwood City, California-based company offers working capital to SMEs through its invoice factoring platform as well as its on-demand revolving business credit line service.

BlueVine last year funded some $200m in working capital to businesses and claims it is on course to fund as much as $500m in 2017.

The new debt financing agreement was negotiated with law firm Manatt, Phelps & Phillips assisting the transaction and follows the $49m Series D round it raised in December.

The venture round was led by Lightspeed Venture Partners with Menlo Ventures, Silicon Valley Bank and 83 North participating along with Japanese web giant Rakuten’s FinTech Fund and Citi Ventures also participating.

BlueVine launched in 2013, offering invoice factoring credit lines of between $20,000 and $2m.

Last year it also launched it Flex Credit revolving business credit line service and will use the new capital to help grow this division.

BlueVine’s vice president of finance and strategy Ana Sirbu said: “Our team is passionately working to make everyday financing faster, simpler and more flexible for our small business customers.

“We are thrilled to receive this funding from Fortress and accelerate into our next stage of growth.”

Copyright © 2017 FINTECH GLOBAL

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