BlueVine, the leading provider of small business banking, today announced 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.
BlueVine will leverage the capital to expand its best-in-class, flexible Line of Credit lending solution.
The new financing underscores Atalaya’s confidence in BlueVine’s ability to underwrite and service small and medium businesses in uncertain times.
BlueVine has also had recent success in providing more than 155,000 small business owners with $4.5 billion in Coronavirus pandemic financial relief loans through the Paycheck Protection Program (PPP).
“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,” said Eyal Lifsthiz, CEO of BlueVine. “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.”
The latest funding builds on an existing partnership between the two companies with Atalaya also serving as a lender for BlueVine’s industry leading online invoice factoring product.
“Atalaya is very pleased to assist in BlueVine’s growth and to support small businesses as they navigate the challenging market environment,” said Raymond Chan, a Partner at Atalaya Capital Management. “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.”
In addition to expanding its lending resources to support small business customers, BlueVine also recently opened a Salt Lake City, Utah Office focused on customer service initiatives. The office will provide access to fast-acting and knowledgeable customer support representatives, who are more critical than ever to many small business owners seeking immediate assistance to make critical banking and financing decisions during these trying times.