Online small business financing platform BlueVine has closed a $49 million Series D funding round led by existing investors Lightspeed Venture Partners, Menlo Ventures, *3North, Citi Ventures, Rakuten FinTech Fund and Silicon Valley Bank.
The influx will support hiring and product development.
To date BlueVine has funded more than $200 million in working capital and plans to fund more than $500 million in 2017.
One factor in BlueVine’s growth is their business line of credit, which appeals to QuickBooks users, QuickBooks Financing business leader Rania Succar said.
“It fills a critical part of the QuickBooks Financing portfolio and allows us to extend credit to younger businesses.”
BlueVine also increased the maximum credit limit for invoice factoring to $2 million from $250,000.
The business line of credit maximum credit limit has doubled to $100,000.