Israeli fintech company BlueVine announced today that it has secured a $200 million asset-backed revolving credit facility with Credit Suisse. BlueVine will use the capital to expand its highly-successful business line of credit product.
BlueVine, which provides working capital financing to small and medium-sized businesses, also said it is raising its business line of credit limit to $250,000. Earlier this year, the company doubled its invoice factoring credit limit to $5 million. BlueVine's total funded volume since founding is expected to top $1 billion in 2018.
Founded in 2013, the company is headquartered in Redwood City, California and has its development office in Ramat Gan. BlueVine has 150 employees, 60 of them in Ramat Gan and has raised $473 million in funding, including $68 million in equity financing and up to $405 million in debt financing. Investors include Lightspeed Venture Partners, 83NORTH, Correlation Ventures, Citi Ventures, Menlo Ventures, Rakuten Fintech Fund and other private investors.
BlueVine founder and CEO Eyal Lifshitz said, "We continue to grow stronger as a technology-enabled financing provider for small businesses addressing their everyday funding needs. We're helping thousands of entrepreneurs reach their business goals with an easy-to-use platform that gives them fast and convenient online access to working capital."
BlueVine CFO Ana Sirbu said the new financing will continue to fuel BlueVine's momentum as a leading player in the FinTech business lending market. "Capital markets partnerships are critical to our ability to scale and effectively serve our expanding customer base. This financing will support our next phase of growth," she said. "We continue to build a business for the long-term by offering the best working capital financing solutions to business owners."
Published by Globes [online], Israel business news - www.globes-online.com - on May 1, 2018
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