Online small business lender BlueVine has received a strategic investment from Citi Ventures. Terms were not disclosed. The announcement follows BlueVine’s successful $40 million Series C round in January.
The funds will help BlueVine scale its cloud-based working capital financing platform and expand into new segments
“With a portfolio that includes Square, Betterment, DocuSign and Optimizely, Citi Ventures invests in segment leaders that are reinventing industries,” said Eyal Lifshitz, founder and CEO of BlueVine. “We are honored to have them as a strategic investor and believe this further validates BlueVine as the leading small business solution for working capital financing. Citi’s industry expertise and large customer base make them an ideal partner as we accelerate our efforts to make working capital more accessible for small business owners.”
“BlueVine’s platform addresses pain points like cash flow management for the growing market of small businesses in need of financing,” said Arvind Purushotham, Managing Director and Co-head of Venture Capital at Citi Ventures. “We’re excited to champion and accelerate the growth of a company that is setting the industry standard in providing expanded access to capital on an easy-to-use digital platform.”
BlueVine has also hired former Google Capital manager Ana Sirbu as vice president of finance and strategy. The also launched Flex Credit, a revolving credit line.
BlueVine is on track to fund more than $200 million in working capital in 2016.