BlueVine, an online lender and Fintech bank, announced on Wednesday it has secured a $75 million revolving credit facility from funds managed by Atalaya Capital Management, a private credit and special opportunities investment manager based in New York. The company further revealed that it provided more than 155,000 small business owners with $4.5 billion in COVID-19 pandemic financial relief loans through the Paycheck Protection Program (PPP).
Founded in 2013, BlueVine’s mission is to empower small businesses with innovative banking designed for them. The company now offers a suite of products designed to meet the diverse financial needs of today’s business owners including BlueVine Business Checking Account, Line of Credit, Term Loan, and Invoice Factoring.
“BlueVine has provided small and medium-sized businesses with access to more than $2.5 billion in financing and is backed by leading private and institutional investors.”
Speaking about the facility, Eyal Lifsthiz, CEO of BlueVine, stated:
“With this latest funding from Atalaya, BlueVine is poised for continued growth to support small business owners with the working capital they need during unprecedented times of uncertainty. More than ever we are committed to providing U.S. small businesses with reliable banking and financing built for them as they recover and look toward future growth.”
Raymond Chan, a Partner at Atalaya Capital Management, also commented:
“Atalaya is very pleased to assist in BlueVine’s growth and to support small businesses as they navigate the challenging market environment. Atalaya has long respected BlueVine’s commitment to helping small businesses and is excited to expand our partnership and grow together over the next several years.”
BlueVine went on to add that it will use the facility’s funds to expand its flexible Line of Credit-lending solution.