BlueVine, a Redwood City, CA-based provider of working capital financing to SMEs, has secured up to $130m in debt capital financing.
The company has partnered with Silicon Valley Bank, SunTrust Bank, Bank Leumi and TriplePoint Venture Growth, and BDC Corp in its latest fundraising activities. Following the latest investment, BlueVine has raised $273m in funding, including $68m in equity and up to $205m in debt, since founding in 2013. Previous investors include Fortress Investment Group, Lightspeed Venture Partners, Citi Ventures, and Menlo Ventures.
BlueVine provides flexible working capital financing to small and medium-sized businesses, and claims to give business ‘quick access to funds needed to purchase inventory, cover expenses, or expand operations’. Its fully-online cloud-based platform for invoice factoring allows businesses to receive cash advances on outstanding invoices.
It also offers Flex Credit, business line of credit financing based on six-month and 12-month payment terms. Along with the new debt financing, it has also announced a new additional line of credit product that allows business owners to make monthly, instead of weekly, payments, over 12 months.
Ana Sirbu, BlueVine’s vice president of finance and capital markets, said: “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 per cent of our business is now through returning customers.
It plans to use the new funds to support the scaling of BlueVine’s pioneering online invoice factoring product and the company’s overall growth.
Earlier this month, FinTech.Global reported that Kabbage, an SME lending platform, is in the process of raising $161m. The SEC filing came two months after the startup announced a $250m investment from Softbank Group.
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