BlueVine, a leading online provider of everyday financing to small businesses, announced today it has closed $49 million in funding.
The Series D funding round was led by existing investors, including Lightspeed Venture Partners, Menlo Ventures, 83North, Citi Ventures, Rakuten FinTech Fund and Silicon Valley Bank.
Since launching in March 2014, BlueVine¹s cloud-based financing solutions have helped thousands of small businesses obtain quick, easy access to the funds they need to purchase inventory, cover expenses and expand operations.
³We are very proud of all we¹ve accomplished in 2016 and excited to continue on our incredible growth trajectory,² said Eyal Lifshitz, CEO and founder of BlueVine. ³BlueVine is delivering unprecedented ease and convenience to meet SMB owners¹ financing needs and help them achieve their goals.²
This financing will support BlueVine¹s rapid growth as it expands its team and range of offerings. BlueVine has already funded more than $200 million in working capital for SMBs and is on track to fund more than $500 million in working capital during 2017.
³This team continues to push the pace of innovation to deliver best-in-class everyday financing products,² said Yoni Cheifetz of Lightspeed Venture Partners. ³We are delighted to have supported BlueVine¹s journey to date and thrilled to enable them to bring their vision to thousands more SMBs across the country.²
³BlueVine¹s business line of credit has proven to be very popular with QuickBooks users,² said Rania Succar, business leader of QuickBooks Financing. ³It fills a critical part of the QuickBooks Financing portfolio and allows us to extend credit to younger businesses. We are excited about expanding our partnership to serve even more QuickBooks SMBs with BlueVine¹s business line of credit.²
BlueVine also announced it has once again increased its maximum credit lines based on client demand:
• For invoice factoring the maximum credit limit has been increased from $250,000 to $2,000,000
• For the business line of credit the maximum credit limit has been increased from $50,000 to $100,000
BlueVine offers credit lines starting at $5,000 for a business line of credit and $20,000 for invoice factoring.