SME financing and banking services scaleup BlueVine has raised a huge $102.5m Series F round led by ION Crossover Partners, the venture capital firm.
Other investors included VC firms Lightspeed Venture Partners, Menlo Ventures, 83North, SVB Capital, O.G Tech and Citi Ventures. Other investors included UK financial institution Nationwide and Microsoft’s venture fund M12.
While not profitable yet, BlueVine’s CEO and co-founder Eyal Lifshitz told TechCrunch that the company has grown by 100% since 2018 and that its valuation has definitely increased following the Series F round, although he refused to say to what value.
The company, founded in 2013, provides financing products to SMEs like credit and term loans as well a “factoring” service where BlueVine pays for invoices upfront.
BlueVine will use the new capital injection to strengthen its end-to-end banking platform featuring the business checking account service it launched in October 2019.
“The recent launch of BlueVine Checking demonstrates our commitment to revolutionize banking for small business owners with a full suite of services designed specifically to meet their unique needs,” said Lifshitz in a statement. “This funding further validates our mission and will help democratize true business-grade banking for small businesses who have been underserved for so long.”
The money will also be used to recruit employees across its engineering, product and revenue teams.
The Series F round brings the total equity raised to between $240m and $250m as well as another half a billion dollars in debt financing, according to TechCrunch.
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