Invoice factoring and business line of credit provider BlueVine is increasing its online business lending reach with $130 million in new debt financing.
Participants include Silicon Valley Bank, SunTrust Bank, Bank Leumi and TriplePoint Venture Growth BDC Corp.
Founded in 2013, BlueVine has raised $273 million of funding consisting of $68 million in equity and $205 million in debt.
“We are building a business for the long-term and we continuously strive to offer our customers the best working capital financing products,” BlueVine vice-president of finance and capital markets Ana Sirbu said.
“As a testament to that, over 80 per cent of our business is now through returning customers.”
BlueVine also introduced a 12-month business line of credit based on monthly payments. The company said the move was made after numerous client requests for a monthly payment option.
“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,” BlueVine founder and CEO Eyal Lifshitz said. “Business owners have diverse needs, and by augmenting our product offering, we are able to offer the solution that fits best.”