Online lender BlueVine announced on Tuesday it raised $60 million through its Series E Funding Round, which was led by Menlo Ventures, and includes new investors, such as SVB Capital. All major existing investors also participated. The funding round comes just a little over a month after BlueVine secured a $200 million asset-backed revolving credit facility with Credit Suisse. Additionally, the SME focused platform said it has upped its business line of credit to $250,000.
Founded in 2013, BlueVine claims it is one of the leading fintech players in online small business lending. The company’s total funded volume since inception is expected to top $1 billion in 2018. While sharing details about BlueVine’s growth and development, BlueVine CEO and Founder, Eyal Lifshitz, stated:
“In just four years, BlueVine has scaled two major financing products, invoice factoring and business line of credit. We’re building a cutting edge, technology-enabled platform that is helping thousands of small businesses get quick access to funds to address their everyday funding needs. This new investment gives us a stronger market position, as we pursue bigger plans for reaching even more small business owners and expanding our offering.”
Tyler Sosin, A partner at Menlo Ventures, then noted:
“BlueVine has continued to impress us since we first invested in 2015,” said . “The company has demonstrated dramatic, sustainable growth and has proven that there is enduring value in developing a comprehensive offering of credit products that small and medium sized businesses can use throughout their lifetimes. We continue to get more excited about the expanding ambitions of the company and we believe there is a real opportunity for BlueVine to emerge as the dominant, multi-billion dollar fintech company.”
BlueVine added that the new financing will support the company’s plan to expand its highly-successful invoice factoring and business line of credit products, and to explore new products catering to small and medium-sized businesses. BlueVine also plans to use the funding to accelerate R&D hiring.