BlueVine, an online provider of working capital financing to small businesses, announced has closed $40 million in funding, bringing the company’s total funding to $64 million to date.
This Series C funding was led by an investment from Menlo Ventures, with additional participation from new investor Rakuten FinTech Fund, follow-on investments from Lightspeed Venture Partners, 83NORTH, Correlation Ventures and private investors, as well as a new debt facility from Silicon Valley Bank.
BlueVine will use this investment to bolster its management ranks, develop new features and fuel expansion into new verticals. BlueVine saw a 12x increase in funded invoices in 2015, and is on track to fund more than $200 million in working capital in the next year. Since launching in March 2014, BlueVine’s cloud-based invoice factoring service has helped thousands of small businesses obtain quick, easy access to funds they need to purchase inventory, cover expenses or expand operations.
BlueVine also announced it has increased its maximum credit line from $150,000 to $250,000 for qualified businesses. This represents a 5x increase in BlueVine’s maximum credit line since its previous funding round in January 2015. BlueVine, which offers credit lines starting at $5,000 with simple, transparent pricing, enables small businesses to get paid within 24 hours instead of waiting for Net 15, Net 30, Net 60 or Net 90 payment cycles.
BlueVine gives small businesses access to funds they need to purchase inventory, cover expenses or expand operations. Lumpy cash flow and long payment cycles put a strain on small businesses’ working capital. BlueVine pioneered the first fully online, cloud-based platform for invoice financing, also known as “factoring,” enabling rapid advances on outstanding invoices. BlueVine’s quick, simple, online solution lets small businesses get paid on day one for invoices due in 15-90 days. Through its online service, BlueVine is bringing the 4,000-year old factoring industry into the digital age.
BlueVine is funded by Lightspeed Venture Partners, 83NORTH, Correlation Ventures, Menlo Ventures, Rakuten Fintech Fund and other private investors.
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