Finovate Alumni News

On Finovate.com

  • Vera for Mail Delivers Enterprise-Grade Encryption for Email.
  • Clinc Goes Global with Deployments in Six Countries, Signs Deal with Turkey’s Biggest Private Bank.

Around the web

  • IBERIABANK selects nCino to Support Growth and Enhance Client Experience
  • BlueVine wins Best Business Finance Provider, North America (Winner) in trade finance global awards.
  • Zighra receives second U.S. patent for passive authentication system.
  • Q2 announces financial services and technology veteran Christine Petersen as Chief Revenue Officer.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

BlueVine Lands $130 Million in Debt Financing

Alternative lending company BlueVine received a boost today, landing a $130 million round of debt funding. The company’s overall financing now totals $273 million, which is now comprised of $205 million in debt and $68 million in equity.

Supporting BlueVine in this round are Silicon Valley Bank, SunTrust Bank, Bank Leumi, and TriplePoint Venture Growth BDC Corporation. The company will use the funds to support its invoice factoring offering and grow its overall business. Ana Sirbu, BlueVine’s Vice President of Finance and Capital Markets said the company is “building a business for the long term” and notes that more than 80% of the company’s business comes from returning customers.

Additionally, the company has launched a new credit line that allows businesses to make payments on a monthly, instead of a weekly basis over the course of a 12-month term. Last year, the company increased its maximum line of credit to $100 million. “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,” says BlueVine Founder and CEO Eyal Lifshitz. “Business owners have diverse needs, and by augmenting our product offering, we are able to offer the solution that fits best.”

Founded in 2013, BlueVine is best known for Invoice Factoring, in which it issues cash to small businesses who sell their unpaid invoices at a discount, then receive up to $2 million in working capital in a matter of days to help manage operations. This summer, the company partnered with Solomoto to combine its offering with Solomoto’s digital marketing platform.

Finovate Alumni News

On Finovate.com

  • Stratumn Lands $7.8 Million, Forms Strategic Partnership with NASDAQ.
  • Check out previews of upcoming FinDEVr London presentations next week:

Around the web

  • Bankjoy partners with SafeAmerica CU to build new omnichannel banking platform.
  • SumUp hires Ryan O’Connor as Managing Director for the U.S.
  • Top Image Systems consolidates Executive Management Team.
  • Solomoto and Bluevine partner to offer credit lines and digital marketing to small businesses globally.
  • Mastercard launches comprehensive digital payment solution for small and midsized businesses.
  • Independent Bank to leverage Insuritas to serve the bank’s 250,000+ customers.
  • Ruth Wandhöfer, Global Head of Regulatory and Market Strategy at Citi, joins Pendo Systems’ board.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

BlueVine Lands $75 Million Line of Credit

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BlueVine, a small business alternative lending company, has just secured a $75 million line of warehouse financing credit. The funds come from Fortress Credit Corp. and/or funds managed by affiliates of Fortress Investment Group.

The company will use the cash to help meet the financing needs of small business owners. This includes expanding Flex Credit, the company’s line of credit financing solution. Ana Sirbu, BlueVine’s vice president of finance and capital markets, says it will help the company to “accelerate into [its] next stage of growth.”

BlueVine launched Flex Credit in April of 2016 to expand beyond invoice factoring by offering businesses a revolving line of credit for which they can be approved within 24 hours. The company’s flagship offering is invoice factoring, which allows companies to turn in unpaid invoices in exchange for working capital to smooth out their cashflow. The credit line ranges from $20,000 to $2 million.

In 2016, BlueVine funded around $200 million in working capital for SMBs. The company anticipates it will fund about $500 million this year. In December of last year, the company closed on $49 million in funding to fuel product expansion. Prior to that, BlueVine was dubbed Best B2B Factoring Service by Business News Daily. The company’s CEO Eyal Lifshitz, along with CTO Nir Klar, CRO Moti Shatner, and VP of Operations Edward Castaño debuted BlueVine at FinovateFall 2014 in New York.

Finovate Alumni News

On Finovate.com

  • Lights! Camera! Action! Demo Videos from FinovateEurope Now Available.
  • BlueVine Lands $75 Million Line of Credit.

Around the web

  • Yoyo marks 10 millionth transaction milestone.
  • Jack Henry & Associates‘ Symitar division unveils its account opening self-service hub, SymApp.
  • New APIs from Citi to help clients access network with existing treasury applications. See Citi at FinDEVr New York in March.
  • Credit Union of Southern California ($1.2 billion) chooses Fiserv’s Architect digital banking platform.
  • SuiteBox introduces multi-signing of document functionality to its digital workspace technology platform.
  • Ledger releases the Nano S firmware 1.3.
  • Stoneham Bank to leverage Insuritas to launch insurance agency platform to drive fee income.
  • Report highlights Urban FT, Misys, Kony, Backbase, Infosys, Cachet Financial Solutions, and Nymbus, as key digital banking players.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Finovate Alumni News

On Finovate.com

  • Finovate Debuts: Moonraft Innovation Labs

Around the web

  • Huron Community Bank of Michigan to leverage Insuritas to launch insurance agency.
  • Experian partners with reporting and analytics platform dv01 to enable dv01 clients to access to richer borrower credit attributes.
  • FIS teams with Verifone to enable consumers to pay at the point of sale using loyalty points linked to a credit or debit card.
  • Business Insider names Gusto, App Annie, and BlueVine as 3 startups to bet your career on in 2017.
  • Token announces strategic partnership with VirtusaPolaris.
  • TransferTo to provide bridge linking between EcoCash and Mama Money mobile money services.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

BlueVine’s $49 Million to Fuel Product Expansion

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Alternative lending company BlueVine landed $49 million in a Series D funding round this week. Contributors include existing investors Lightspeed Venture Partners, Menlo Ventures, 83North, Citi Ventures, Rakuten Fintech Fund, and Silicon Valley Bank.

BlueVine’s funding now totals $113 million. In a press release, the company notes the new funds will “support BlueVine’s rapid growth as it expands its team and range of offerings.” Since launching in 2014, BlueVine has funded more than $200 million in working capital for thousands of small businesses. The company projects it will fund more than $500 million in 2017.

screen-shot-2016-12-14-at-3-48-57-pmBlueVine offers a straightforward line of credit to help small businesses get the working capital they need. The company is best known for Invoice Factoring, in which it issues cash to small businesses who sell their unpaid invoices at a discount, then receive working capital in a matter of days to help manage operations. Unlike BlueVine’s traditional line-of-credit offering, the term of the financing is short, usually 60 to 90 days.

Along with the funding news, BlueVine also announced it has once again increased its line of credit. The invoice factoring limit has lifted to $2 million, and its business line of credit has been bumped to $100,000. The company’s last increase occurred in July, when the maximum credit line for invoice factoring increased to $500,000 and its Flex Credit line, which launched in April, increased to $50,000.

Recently, BlueVine was dubbed Best B2B Factoring Service by Business News Daily. The company’s CEO Eyal Lifshitz, along with CTO Nir Klar, CRO Moti Shatner, and VP of Operations Edward Castaño debuted BlueVine at FinovateFall 2014 in New York.

Finovate Alumni News

On Finovate.com

  • Check out the week’s “FinDEVr APIntelligence”
  • “Finovate Debuts: Uniken Introduces Relationship-Based Authentication”
  • BlueVine’s $49 Million to Fuel Product Expansion”
  • Empyr Powering Yelp’s New Cash Back Program”

Around the web

  • Expensify exclusively endorsed by the world’s leading accounting body.
  • Scalable Capital hits €100m in assets 10 months after launch in Germany and 4 months after U.K. launch
  • vaamo receives license for portfolio management by German supervisory authority BaFin.
  • Morningstar’s HelloWallet launches free student-loan calculator.
  • Signifyd and ThreatMetrix team up to combine machine learning and digital IDs to reduce ecommerce fraud.
  • Cartera Commerce launches Offerlink, a free Google Chrome web-browser extension to help online shoppers save money.
  • Envestnet | Yodlee integrates with Microsoft Dynamics 365 for Financials.
  • Kalypton wins the Dassault Systemes 3DS fintech challenge.
  • FinDEVr alum Braintree introduces commerce infrastructure tools.
  • ACI Worldwide named “frontrunner service provider” for EBA instant credit-transfer scheme.
  • Overbond integrates DBRS credit ratings into its platform.
  • DarcMatter earns first-place honors at Next Money Shanghai Semifinal Pitch competition.

This post will be updated throughout the day as news and developments emerge. You can also follow alumni news headlines on the Finovate Twitter account.

Finovate Alumni News

On Finovate.com

  • ID.me Lands $3.7 Million Grant
  • Coinbase Offers Mobile Card Payment Option to European Bitcoin Buyers

Around the web

  • RightCapital announces new partnership with Alliance of Comprehensive Planners (ACP). See Right Capital at FinovateFall 2016 in New York next week.
  • Intuit unveils personalized app recommendations for QuickBooks Online.
  • Business News Daily names BlueVine Best B2B Factoring Service.
  • Top Image Systems increases footprint in Asia.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

BlueVine Increases Maximum Credit Line, Appoints New Chief Revenue Officer

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Small business financier BlueVine hired a new chief revenue officer and made changes to its business lines of credit and invoice-factoring this week.Sager

CRO Eric Sager (pictured) comes to BlueVine with experience as head of sales at Square, and as a principal with Bain & Company. Sager said that he has spent his career “working to help small businesses succeed,” and added that “access to timely and cost-efficient working capital” is one of their main struggles.

Palo Alto-based BlueVine has increased its maximum credit line for invoice factoring from $250,000 to $500,000; the maximum revolving line, Flex Credit, has risen from $30,000 to $50,000. The company, which is on track to fund $200 million in working capital this year, launched Flex Credit in April to expand beyond invoice factoring.

Founded in 2013, BlueVine debuted at FinovateFall 2014 where the company’s CEO Eyal Lifshitz and VP of Operations Edward Castaño demoed invoice factoring. BlueVine has raised $64 million in 7 funding rounds including an undisclosed sum from CitiVentures in April.