BlueVine, a Redwood City, CA-based provider of online working capital financing to small and medium-sized businesses, secured a warehouse credit line of up to $75m.
The credit line was provided by Fortress Credit Corp. and/or funds managed by affiliates of Fortress Investment Group LLC.
The company intends to use the funds to expand its line of credit financing solution Flex Credit more than four times in 2017.
Founded in 2013, BlueVine offers business owners access to capital for their everyday funding needs through an online financing platform. It works via a cloud-based invoice factoring service, which allows businesses to turn their unpaid invoices into working capital, offering a factoring credit line of $20k to $2m, and the recently launched Flex Credit, which provides on-demand revolving business credit lines of up to $100k.
The company funded around $200m in working capital for small and medium-sized businesses last year, and is on track to fund approximately $500m in 2017. It is funded by Lightspeed Venture Partners, 83NORTH, Correlation Ventures, Menlo Ventures, Rakuten Fintech Fund and other private investors.