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.
BlueVine 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.