Israeli fintech company BlueVine has closed a $49 million Series D financing round led by existing investors, including Lightspeed Venture Partners, Menlo Ventures, 83North, Citi Ventures, Rakuten FinTech Fund and Silicon Valley Bank. BlueVine is an online provider of everyday financing to small businesses.
Since launching in March 2014, BlueVine’s cloud-based financing solutions have helped thousands of small businesses obtain quick, easy access to the funds they need to purchase inventory, cover expenses and expand operations. The company has 93 employees in its Tel Aviv and Palo Alto offices (about half in each). With this latest financing round, BlueVine has raised $107.5 million to date including $40 million in January 2016.
BlueVine founder and CEO Eyal Lifshitz said, “We are very proud of all we’ve accomplished in 2016 and excited to continue on our incredible growth trajectory. BlueVine is delivering unprecedented ease and convenience to meet SMB owners’ financing needs and help them achieve their goals.”
This financing will support BlueVine’s rapid growth as it expands its team and range of offerings. BlueVine has already funded more than $200 million in working capital for SMBs and is on track to fund more than $500 million in working capital during 2017.
“This team continues to push the pace of innovation to deliver best-in-class everyday financing products,” said Yoni Cheifetz of Lightspeed Venture Partners. “We are delighted to have supported BlueVine’s journey to date and thrilled to enable them to bring their vision to thousands more SMBs across the country.”
Published by Globes [online], Israel business news - www.globes-online.com - on December 14, 2016
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