Israeli alternative business lending company BlueVine today announced that it has closed $60 million iSeries E financing round led by Menlo Ventures, and including new investors, such as SVB Capital. All major existing investors also participated. Including this financing round, the company has raised $533 million to date including $128 million in equity financing and $405 million in debt financing. This latter figure included $200 million raised from Credit Suisse two months ago.
The new financing will support BlueVine’s plan to expand its highly-successful invoice factoring and business line of credit products, and to explore new products catering to small and medium-sized businesses. BlueVine also plans to use the funding to accelerate R&D hiring.
Founded in 2013, the company is headquartered in Redwood City, California and has its development office in Ramat Gan. BlueVine is one of the leading FinTech players in online small business lending and the company’s total funded volume since inception is expected to top $1 billion in 2018.
BlueVine CEO and founder Eyal Lifshitz said, “In just four years, BlueVine has scaled two major financing products, invoice factoring and business line of credit. We’re building a cutting edge, technology-enabled platform that is helping thousands of small businesses get quick access to funds to address their everyday funding needs. This new investment gives us a stronger market position, as we pursue bigger plans for reaching even more small business owners and expanding our offering.”
Menlo Ventures partner Tyler Sosin said, “BlueVine has continued to impress us since we first invested in 2015. The company has demonstrated dramatic, sustainable growth and has proven that there is enduring value in developing a comprehensive offering of credit products that small and medium sized businesses can use throughout their lifetimes. We continue to get more excited about the expanding ambitions of the company and we believe there is a real opportunity for BlueVine to emerge as the dominant, multi-billion dollar fintech company.”
Published by Globes [online], Israel business news - www.globes-online.com - on June 5, 2018
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