Online invoice factoring innovator BlueVine has teamed up with recruitment industry software provider Bullhorn to give the company’s SME customers better financing options. Bullhorn is a cloud computing firm that specializes in helping staffing and recruiting companies better serve SMEs. This new partnership will provide yet another way for the company to support the business growth of its clients.
“With BlueVine, firms can receive fast and flexible access to financing that can help them power their next phase of growth,” explained Bullhorn VP of Alliances and Business Development, Nina Eigerman. “At Bullhorn, our overwhelming focus is on helping our customers and providing them with an incredible experience as their long-term growth partners. This initiative delivers on that vision.”
BlueVine CEO Eyal Lifshitz said that the partnership with Bullhorn supports the company’s dedication to “providing working capital financing to business owners looking to simplify their cash flow and grow.” A challenge for staffing firms is that, after placing candidates, they are often required to cover payroll expenses for 30-60 days. To fund this requirement, staffing companies traditionally have relied on an array of banks, factoring companies, and payroll financing firms. This process can be expensive, time-consuming, and cumbersome.
In contrast, BlueVine offers factoring lines of credit up to $5 million, rates as low as 0.25% per week, swift approval of 24-48 hours typically, and the flexibility to choose which invoices are funded. No sign-up fees, monthly minimums or cancellation fees are required.
Mike Smith, Chief Talent Officer for CleverTerra, which uses both technologies, praised BlueVine and Bullhorn’s “streamlined solution.” He said, “I turned to BlueVine and quickly secured funds to cover payroll, smooth cash flow, and evolve my practice.” Smith called BlueVine “a great compliment to Bullhorn, which I rely on to effectively manage my day-to-day operations.”
Bullhorn was founded in 1999, and is based in Boston, Massachusetts. With more than 900 employees, the company works with more than 8,000+ staffing firms via its cloud-based platform. Art Papas is founder and CEO.
Headquartered in Redwood City, California, BlueVine demonstrated its platform at FinovateFall 2014. Last summer, the company picked up a $12 million investment from Microsoft’s venture fund, M12, and the venture arm of insurance and financial services firm, Nationwide. BlueVine has delivered more than $1 billion in funds to 10,000+ small business owners since the company’s inception in 2013.