Small business lender BlueVine announced today that it would double the size of its invoice factoring solution and increase the limit for its business line of credit, Flex Credit, by more than 30%.
“In just four years, we’ve dramatically increased our invoice factoring credit line to $5 million, and our business line of credit to $200,000,” Eyal Lifshitz, BlueVine CEO and founder, said. “We continue to be fully committed to providing business owners with robust financing options to help them thrive.”
BlueVine provides two avenues for small businesses looking for funding. With Flex Credit, SMEs can get approved for a line of credit product in 24 hours. With the click of a button, borrowers are able to withdraw funds whenever they need them, with available credit replenished as the funds are repaid. No maintenance fees or prepayment penalties are charged, and interest rates as low as 4.8% are available.
Designed to help free up cash flow, BlueVine’s invoice factoring product differs from traditional factoring solutions by giving businesses flexibility in choosing which invoices they want to fund rather than having to fund all of them. Bluevine also distributes rebates on the same day instead of once a month, and syncs with accounting platforms instead of requiring mailed or faxed original invoices. Businesses can also use BlueVine’s invoice factoring without fear of being locked in to a long-term contract or having to pay sizable termination fees. BlueVine offers flat 85% to 90% advance rates, free ACH transfer, and $15 per wire.
BlueVine’s news comes just a few days after announcing its new Chief Financial Officer. After joining BlueVine as Vice President of Finance and Capital Markets in 2016 – and being named to the Women in Fintech Powerlist last November – Ana Sirbu (pictured) has been appointed CFO. Sirbu has a degree from Harvard University, a background in investment banking, and was a technology investor at both Silver Lake Partners and Google Capital before her tenure at BlueVine.
“Ana has played a critical role in BlueVine’s growth and success,” Lifshitz said. “She has done an incredible job spearheading our capital markets strategy, building out our finance and analytics functions, and strengthening our position in the online business lending market.”
BlueVine demonstrated its small business lending platform at FinovateFall 2014. The company was featured by Entrepreneur magazine earlier this month, in a look at the top 360 best entrepreneurial companies in the U.S. Last fall, BlueVine was awarded Best Business Finance Provider, North America, at the Trade Finance Global awards. BlueVine reeled in $130 million in debt financing back in October – its second in 2017. This gave the firm overall financing of $273 million, of which $68 million is equity funding.
In addition to its Redwood City, California headquarters, BlueVine has offices in New Orleans and Tel Aviv, Israel. The company also today announced a new office in Jersey City, New Jersey, which it believes will help grow its customer base on the east coast of the U.S.
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.