BlueVine, a Redwood City, CA-based fintech company, closed $60m in Series E funding.
The round was led by Menlo Ventures, with participation from new investors SVB Capital and major existing investors.
The company, which has raised more than $500m in equity and debt funding, intends to use the funds to expand its invoice factoring and business line of credit products, explore new products catering to small and medium-sized businesses, and accelerate R&D hiring.
Founded in 2013 and led by CEO Eyal Lifshitz, BlueVine provides flexible working capital financing to small and medium-sized businesses, giving them quick access to funds needed to purchase inventory, cover expenses, or expand operations. The company also offers Flex Credit, a business line of credit financing issued by Celtic Bank, a Utah-chartered Industrial Bank, Member FDIC, which is based on 6-month and 12-month payment terms.
BlueVine recently doubled its invoice factoring credit line to $5m, increased its business line of credit line limit from $150k to $250k, has secured more than $300m in debt financing over the past year.
The company’s total funded volume since inception is expected to top $1 billion in 2018.