Alternative small business lending has been a booming the the past few years, specifically as it relates to technology. Combining financing and tech has led to the creation of a new industry deemed FinTech and it has seen over a billion dollars in investing as venture capitalists and companies alike compete for investing opportunities and market domination.
While no one company has yet to fully dominate the market, there are a few top players at the moment. Founded in 2014, BlueVine is one of the premier financing operations, receiving $49 million in capital to end 2016. This new investment brings the total capital raise to over $100 million according to Crunchbase. The funding organizations of BlueVine include “Lightspeed Venture Partners, Silicon Valley Bank, Menlo Ventures, Citi Ventures, Rakuten FinTech Fund, and 83North.”
The added funding will position it right in the middle of rival FinTech organizations, including “Kabbage (which has raised $240 million through Series E), Fundbox (which has raised $112.5 million through Series B), Dealstruck, and Triumph Business Capital.”
According to Geektime with “this round, the company is also increasing its maximum on those credit lines from $250,000 to $2 million for invoice factoring, then $50,000 to $100,000 for a regular business line of credit.”
For more information on the investing scene of FinTech, check out the article below.
Geek Time – http://www.geektime.com/2016/12/14/fintech-powerhouse-bluevine-raises-cool-49-million/