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