Online lending platform BlueVine has doubled the size of its invoice factoring service to up to $5m.
Alongside this the company has also increased its credit product from $150k up to $200k, to further support fast growing SMEs. BlueVine is also opening a new office in New Jersey, which it hopes will better support the East Coast companies and partners.
This comes just months after the company closed a $130m debt capital financing from Silicon Valley Bank, SunTrust Bank, Bank Leumi and TriplePoint Venture Growth, and BDC Corp. BlueVine raised this to help it scale its invoice factoring product, as well as the general growth of the company.
The California-based company offers flexible working capital financing options to SMEs, providing quick access to capital for inventory purchases, covering expenses and expanding operations. BlueVine also provides a Flex Credit product that is a loan based on six-month and 12-month payment terms.
BlueVine CEO and founder Eyal Lifshitz said, “In just four years, we’ve dramatically increased our invoice factoring credit line to $5 million, and our business line of credit to $200,000. We continue to be fully committed to providing business owners with robust financing options to help them thrive.”
The company also raised a $75m credit line from Fortress Credit last year, and was just months after its $49m Series D round closed.
There has already been a number of marketplace lending companies to close funding rounds this month. Last week, SMB financing company StreetShares netted a $23m Series B round led by Rotunda Capital Partners.?
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