BlueVine, a Redwood, CA-based online provider of financing to small businesses, raised $49m in Series D funding.
The round was led by existing investors Lightspeed Venture Partners, Menlo Ventures, 83North, Citi Ventures, Rakuten FinTech Fund and Silicon Valley Bank.
This financing will support BlueVine’s 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.
Launched in March 2014 by Eyal Lifshitz, CEO, BlueVine provides cloud-based financing solutions for small businesses to obtain quick access to the funds they need to purchase inventory, cover expenses and expand operations.
The company also announced it has increased its maximum credit lines based on client demand:
– For invoice factoring the maximum credit limit has been increased from $250k to $2m;
– For the business line of credit the maximum credit limit has been increased from $50k to $100k.
BlueVine offers credit lines starting at $5k for a business line of credit and $20k for invoice factoring.