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.

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.

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.