BlueVine Teams Up with Bullhorn to Help Finance Staffing Firms

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.

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Microsoft, Nationwide Invest $12 Million in SME Lender BlueVine

Small business financing specialist BlueVine has raised $12 million in new funding. Combined with the $60 million investment the company picked up last month, BlueVine’s Series E amounts to $72 million, and takes the company’s total funding to $590 million. Of this amount, $185 million represents equity financing.

This week’s investment comes from Microsoft’s venture fund, M12, and the venture arm of insurance and financial services company, Nationwide. M12 partner Elliott Robinson praised BlueVine’s “market traction to date,” while Nationwide Ventures’ Erik Ross highlighted the funding as emblematic of Nationwide’s commitment to serving SMEs. “This investment aligns with our strategy to co-create value for our members to help them protect what’s most important and to plan for a secure financial future,” Ross said.

BlueVine provides working capital to small and medium-sized businesses, offering lines of credit up to $250,000 and invoice factoring up to $5 million. With rates as low as 4.8% and approvals as quick as 20 minutes, the company recently surpassed $1 billion in total funding volume.

“We had very limited resources when we began and we were up against bigger and more established competitors,” said BlueVine CEO and founder Eyal Lifshitz, who reflected on the company’s fifth anniversary as well as this week’s funding. He credited the company’s “cutting edge technology and product innovation” for its success and added, “these new investments will help us offer more financing to even more entrepreneurs.”

Founded in 2013 and headquartered in Palo Alto, California, BlueVine demonstrated its SME online lending platform at FinovateFall 2014. This spring, BlueVine partnered with cross-border payments specialist, Veem, to make the process easier and less expensive for SMEs. Named one of the top 360 entrepreneurial companies in the U.S. by Entrepreneur, BlueVine added Women in Fintech Powerlist member Ana Sirbu as its new Chief Financial Officer at the beginning of the year.

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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.

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BlueVine Brings in $60 Million

Alternative lending company BlueVine just landed $60 million in equity funding. The Series E round brings its total financing to $578 million, comprising of $173 million in equity and $405 in debt.

Participating in today’s round are Menlo Ventures, which led the round, new investor SVB Capital, and all major existing investors. BlueVine will use the funds to support and expand its products and to boost its R&D team. “This new investment gives us a stronger market position, as we pursue bigger plans for reaching even more small business owners and expanding our offering,” said BlueVine CEO and founder Eyal Lifshitz.

BlueVine was founded in 2013 and has made its name as a player in invoice factoring. The company issues cash to small businesses in exchange for the sale of their unpaid invoices at a discount. Businesses can receive up to $5 million in working capital in a matter of days to help manage operations.

Tyler Sosin, partner at Menlo Ventures said, “The company has demonstrated dramatic, sustainable growth and has proven that there is enduring value in developing a comprehensive offering of credit products that small and medium sized businesses can use throughout their lifetimes.” He also commented on BlueVine’s potential growth, adding, “we believe there is a real opportunity for BlueVine to emerge as the dominant, multi-billion dollar fintech company.”

Today’s funding comes just one month after BlueVine received a $200 million credit facility from Credit Suisse. At the start of 2018, the company doubled its invoice factoring credit line to $5 million, just after increasing its business line of credit limit from $150,000 to $250,000 in 2017.

BlueVine demoed its small business working capital solution at FinovateFall 2014. Since inception, the company has funded more than $900 million in loans for more than 10,000 customers, 80% of which are return customers.

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BlueVine Receives $200 Million Line of Credit from Credit Suisse

Alternative lending platform BlueVine fortified its backing today with a $200 million line of credit from Credit Suisse. This boosts the company’s total combined debt and equity funding to $518 million.

Today’s round is an asset-backed revolving credit facility that will allow BlueVine to offer higher lines of credit to more small businesses at a larger scale. In fact, the California-based company has increased its business line of credit from $200,000 to $250,000. This comes after BlueVine doubled its invoice factoring credit limit to $5 million earlier this year.

BlueVine CFO Ana Sirbu said that this type of debt funding is critical for the company to increase its scale. “This financing will support our next phase of growth,” she said. “We continue to build a business for the long-term by offering the best working capital financing solutions to business owners.

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 $5 million in working capital in a matter of days to help manage operations. The company expects its total funded volume to exceed $1 billion this year.

BlueVine demoed its small business working capital solution at FinovateFall 2014. Earlier this spring, the company partnered with cross-border payments company Veem to save businesses on international payments. BlueVine’s other investors include Lightspeed Venture Partners, 83NORTH, Correlation Ventures, Citi Ventures, Menlo Ventures, and Rakuten Fintech Fund. Eyal Lifshitz is CEO.

SME Financing Meets Cross-Border Payments as BlueVine Partners with Veem

SME financing innovator BlueVine has partnered with cross border payments specialist Veem to make it easier for small business owners to save more on cross border payments.

“If you rely on your bank for sending cross border payments, you’re not alone,” BlueVine VP of Business Development and Partnerships Charles Amadon wrote in a blog post announcing the agreement. “Most smaller businesses do. But ask a small business owner about their experience making cross border payments through their bank and you’re likely to get an earful.”

Adding statistics to the pitch, Amadon pointed to an American Bankers Association payments survey that indicated that payments in general were a major pain point for SMEs. The survey showed that 87% of respondents said their bank did not have “a formal payment strategy,” and that 54% considered their bank’s attitude toward innovation in payments as a “wait and see approach.”

BlueVine offers small businesses financing options including an invoice factoring line of credit and a traditional business line of credit. The company’s invoice financing product provides a credit line from $20,000 to $5 million with flat advance rates of 85% to 90%, free ACH, and $15 per wire. The business line of credit provides a revolving financing option up to $200,000 with interest rates as low as 4.8%. SMEs can get approved as quickly as 24 hours.

For its part, Veem is announcing the partnership as an opportunity for its SME customers to get the kind of preferential financing options typically enjoyed by larger companies. “We’re partnering with BlueVine to provide fast and flexible working capital financing for Veem’s customers,” the company announced in a blog post. “Funding doesn’t have to be what sinks small businesses.”

Founded in 2013, BlueVine demonstrated its SME financing platform at FinovateFall 2014. The company began the year with a decision to increase the limit on its invoice factoring line of credit to $5 million. Also this year, BlueVine appointed Ana Sirbu, the company’s VP of Finance and Capital Markets, to the post of Chief Financial Officer.

Named one of the top 360 entrepreneurial companies in America by Entrepreneur magazine, BlueVine won Best Business Finance Provider, North America at the trade finance global awards last fall. Also in the fall, BlueVine picked up $130 million in debt financing courtesy of Silicon Valley Bank, SunTrust Bank, Bank Leumi, and TriplePoint Venture Growth BDC Corporation. The company has raised $318 million in total funding, and includes Fortress Investment Group, Lightspeed Venture Partners, Menlo Ventures, and 83 North among its investors. Eyal Lifshitz is CEO.