Israeli fintech company BlueVine is expanding its online business lending operations with new debt financing of up to $130 million from banks and investors. BlueVine, which provides working capital financing to small and medium-sized businesses has raised the funds from Silicon Valley Bank, SunTrust Bank, Bank Leumi and TriplePoint Venture Growth BDC Corp. The new funds will support the scaling of BlueVine’s pioneering online invoice factoring product and the company’s overall growth.
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 $273 million in funding, including $68 million in equity financing and up to $205 million in debt financing. Investors include Lightspeed Venture Partners, 83NORTH, Correlation Ventures, Citi Ventures, Menlo Ventures, Rakuten Fintech Fund and other private investors.
The company has developed a fully-online cloud-based platform for invoice factoring, revolutionizing the financing system that allows businesses to receive cash advances on outstanding invoices.
The company has also launched a new line of credit product that allows business owners to make monthly, instead of weekly, payments, over 12 months.
BlueVine VP Finance and Capital Markets Ana Sirbu said, "We are building a business for the long term and we continuously strive to offer our customers the best working capital financing products. As a testament to that, over 80% of our business is now through returning customers."
BlueVine founder and CEO Eyal Lifshitz said, "BlueVine’s goal is to offer the optimal solution for every working capital challenge faced by business owners, and our new product is another step forward in fulfilling this vision. Business owners have diverse needs, and by augmenting our product offering, we are able to offer the solution that fits best."
Published by Globes [online], Israel business news - www.globes-online.com - on October 17, 2017
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