BlueVine announced today that it has secured a $200 million asset-backed revolving credit facility with Credit Suisse, one of the world¹s leading financial services providers.
BlueVine will use the capital to expand its highly-successful business line of credit product.
BlueVine, the leading provider of working capital financing to small and medium-sized businesses, also said it is raising its business line of credit limit to $250,000. Earlier this year, the company doubled its invoice factoring credit limit to $5 million. BlueVine¹s total funded volume since founding is expected to top $1 billion in 2018.
³We continue to grow stronger as a technology-enabled financing provider for small businesses addressing their everyday funding needs,² BlueVine Founder and CEO Eyal Lifshitz said. ³We¹re helping thousands of entrepreneurs reach their business goals with an easy-to-use platform that gives them fast and convenient online access to working capital.²
Ana Sirbu, BlueVine¹s Chief Financial Officer, said the new financing will continue to fuel BlueVine¹s momentum as a leading player in the FinTech business lending market.
³Capital markets partnerships are critical to our ability to scale and effectively serve our expanding customer base. This financing will support our next phase of growth,² she said. ³We continue to build a business for the long-term by offering the best working capital financing solutions to business owners.²