BlueVine offers small businesses financing solutions to access the funds they need to purchase inventory, cover expenses or expand operations. BlueVine was the first factoring company to develop a fully online, cloud-based platform for invoice factoring, enabling rapid advances on outstanding invoices due in 7-90 days and bringing a 4,000-year-old industry into the digital age. BlueVine also offers Flex Credit -- an on-demand, revolving line of credit -- through the same online platform. (PRNewsFoto/BlueVine)

Silicon Valley-based BlueVine has raised $102.5 million in a Series F round of equity funding from financial and strategic investors.

The investment round was led by ION Crossover Partners. It also included existing investors including Citi Ventures, SVB Capital, Menlo Ventures, Lightspeed Venture Partners, M12 and private investors. The new investors include Vintage Investment Partners, MUFG Innovation Partners Co. Ltd., Maor Investments and O.G. Tech.

This round of financing raises the fintech’s total equity to around $240-250 million. In addition, it has about half a billion dollars in debt financing to fund its lending platform.

BlueVine offers financing and other banking services to small and medium-sized businesses (SMBs). It provides term loans and lines of credit up to $250,000. It also offers factoring services where BlueVine will pay for customers’ invoices. This translates into lines of credit amounting to as much as $5 million. The fintech company is also expanding its banking services to include checking accounts.

According to BlueVine co-founder and CEO Eyal Lifshitz, they have already provided loans to 20,000 SMBs totaling around $2.5 billion. She said the company has grown two-fold since 2018 but admitted that they are still not profitable yet.

Jonathan Kolodny, a partner at ION Crossover Partners, their investment in BlueVine was based on the company’s success with multiple financing products and its vision for a complete platform of innovative banking products for SMBs.

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