BlueVine

Finovate Alumni News

By David Penn Posted on
Categories: BlueVine, Coinbase, FamZoo, ID.me, Intuit, RightCapital, Top Image Systems

On Finovate.com

  • ID.me Lands $3.7 Million Grant
  • Coinbase Offers Mobile Card Payment Option to European Bitcoin Buyers

Around the web

  • RightCapital announces new partnership with Alliance of Comprehensive Planners (ACP). See Right Capital at FinovateFall 2016 in New York next week.
  • Intuit unveils personalized app recommendations for QuickBooks Online.
  • Business News Daily names BlueVine Best B2B Factoring Service.
  • Top Image Systems increases footprint in Asia.

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 Increases Maximum Credit Line, Appoints New Chief Revenue Officer

BlueVine Increases Maximum Credit Line, Appoints New Chief Revenue Officer
By Julie Muhn (@julieschicktanz) Posted on
Categories: BlueVine

Screen Shot 2016-07-19 at 9.17.01 AM

Small business financier BlueVine hired a new chief revenue officer and made changes to its business lines of credit and invoice-factoring this week.Sager

CRO Eric Sager (pictured) comes to BlueVine with experience as head of sales at Square, and as a principal with Bain & Company. Sager said that he has spent his career “working to help small businesses succeed,” and added that “access to timely and cost-efficient working capital” is one of their main struggles.

Palo Alto-based BlueVine has increased its maximum credit line for invoice factoring from $250,000 to $500,000; the maximum revolving line, Flex Credit, has risen from $30,000 to $50,000. The company, which is on track to fund $200 million in working capital this year, launched Flex Credit in April to expand beyond invoice factoring.

Founded in 2013, BlueVine debuted at FinovateFall 2014 where the company’s CEO Eyal Lifshitz and VP of Operations Edward Castaño demoed invoice factoring. BlueVine has raised $64 million in 7 funding rounds including an undisclosed sum from CitiVentures in April.

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Finovate Alumni News

By Julie Muhn (@julieschicktanz) Posted on
Categories: BlueVine, Capriza, Civic, Cortera, D3 Banking, Malauzai Software, MaxMyInterest, P2BInvestor, Zopa

On Finovate.com

  • MaxMyInterest Unveils Laser App Integration to Speed Onboarding
  • Finovate Debuts: Civic’s Identity Verification App Launches Public Beta
  • BlueVine Increases Maximum Credit Line, Appoints New Chief Revenue Officer
  • Capriza Raises $23 Million in Series C

Around the web

  • Mashable features P2Binvestor CEO Krista Morgan for something outrageous she said at FinovateSpring 2013.
  • Institutional Investor features entrepreneurs from 4 Finovate alums in the 2016 Tech-50 list of fintech technologists.
  • More Than 25 Financial Institutions Select Malauzai’s SmartwebApps for Desktop
  • Cortera appoints Bob Maguire as chief revenue officer.
  • Zopa names Ronen Benchetrit as CTO.

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 Receives Boost from Citigroup

BlueVine Receives Boost from Citigroup
By Julie Muhn (@julieschicktanz) Posted on
Categories: BlueVine, Funding

bluevinehomepage

Alternative lending company BlueVine this week received an undisclosed amount of funding from Citi Ventures, Citibank’s investing arm. The funding adds to BlueVine’s $40 million round, led by Menlo Ventures, that closed a few months back.

While the full terms of the deal have not been disclosed, the two are working on a strategic relationship. Citibank is already working with P2P lender Lending Club to offer credit to underserved communities, and it’s likely the megabank is hoping to tap into BlueVine’s expertise in factoring, which accounts for about 85% of its business.

In a statement, managing director at Citi Ventures, Arvind Purushotham, states:

“We found BlueVine doing factoring in a much more modern fashion. They’re able to approve invoices to be factored very quickly, and because they’re online and plugged into account systems that small- and medium-sized business use, they’re able to pull data from a variety of sources.”

This strategic partnership follows a recent trend of financial institutions experimenting with alternative lending partnerships. Citibank’s 2015 partnership with Lending Club has so far been successful, but earlier this month the bank shuttered an agreement with Prosper in which Citibank was to sell $377 million in bonds backed by Prosper loans. Also this month, JP Morgan Chase launched a partnership with On Deck to offer online loans to small business clients.

BlueVineFF14StageBluevine’s VP Operations Edward Castaño and CEO Eyal Lifshitz demonstrated on stage at FinovateFall 2014.

Founded in 2013, BlueVine issues working capital to small businesses who sell their unpaid invoices at a discount, then receive $5,000 to $250,000 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. The Palo Alto-based company’s CEO Eyal Lifshitz debuted BlueVine at FinovateFall 2014.

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Finovate Alumni News

By Julie Muhn (@julieschicktanz) Posted on
Categories: ACI Worldwide, BBVA, blooom, BlueVine, Cartera Commerce, EdgeVerve Systems, Fiserv, Infosys, Insuritas, Kabbage, Klarna, Linqto, Malauzai, Roostify, Sezzle, Silver6, SumUp, Xero

On Finovate.com

  • “BlueVine Receives Boost from Citigroup”
  • “Infosys Launches EdgeVerve Blockchain Framework”

Around the web

  • “Cartera Commerce-powered Splender Doubles Membership Since End of 2015 and Drives $15 Million in Sales”
  • Linqto to pilot LEVERAGE App Store with nine credit unions.
  • Fiserv integrates commercial lending capabilities of AFSVision into its core account processing platform.
  • BBVA announces having 15.5 million digital clients, including more than 9 million mobile clients.
  • U.K. e-commerce provider EKM to team up with Klarna.
  • ACI Worldwide to run the card processing operations for The Co-operative Group.
  • Insuritas chosen by First Atlantic FCU to install insurance agency solution.
  • Employee Benefits News recognizes Blooom CPO Randy AufDerHeide as a Top 50 Benefit Technology Innovator.
  • Xero for Payroll goes live in Pennsylvania, making the technology available in a total of 22 states.

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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Finvoate Alumni News

By David Penn Posted on
Categories: Blockchain, BlueVine, Coinbase, Fiserv, Ledger

Around the web

  • Let’s Talk Payments features Ledger, Blockchain, and Coinbase in its roundup of blockchain-powered digital wallets.
  • PYMNTS.com interviews BlueVine CEO Eyal Lifshitz on the return of the SMB line of credit.

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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Straight Outta Beta: Flex Credit from BlueVine Now Available for SMEs

Straight Outta Beta: Flex Credit from BlueVine Now Available for SMEs
By David Penn Posted on
Categories: BlueVine

BlueVine_homepage_April2016

BlueVine’s latest offering, Flex Credit, is fresh out of beta and ready for small businesses looking for a line of credit between $5,000 and $30,000. The new product adds a new financing option to BlueVine’s cloud-based financing platform, helping the company expand beyond its base business of invoice factoring.

“Since pioneering online invoice factoring, we’ve gained remarkable traction and are currently on track to fund more than $200 million in working capital in 2016,” said Eyal Lifshitz, CEO and founder of BlueVine. “This platform expansion will continue to fuel that growth by allowing us to serve both B2B and B2C businesses.”

BlueVine_stage_FF2014_2

Pictured (left to right): BlueVine’s Edward Castaño, VP operations, and CEO Eyal Lifshitz demonstrated the BlueVine platform at FinovateFall 2014.

Flex Credit allows businesses to borrow funds as needed and to have available credit restored as the borrowed amounts are paid back. Businesses can be approved for Flex Credit in 24 hours, and funds come with no maintenance fees and no penalties for unused credit or prepayment. Interest rates start as low as 6.9%, and repayments are made in fixed weekly installments over a six-month period.

In addition to the launch of Flex Credit, BlueVine announced that Ana Sirbu will join the company as its new vice president of finance and strategy. Sirbu, a former Google Capital manager, will leverage her experience at Google to oversee BlueVine’s financial management and growth strategy. “BlueVine has brought an intuitive technology platform, accessibility, and transparency to an underserved small business market,” Sirbu said. “I am excited to work with the team to bring our products to many more customers and contribute to BlueVine’s next stage of growth.”

Founded in 2013 and headquartered in Palo Alto, California, BlueVine demonstrated its platform at FinovateFall 2014. The company raised $40 million in a Series C led by Menlo Ventures back in January, taking its total capital to more than $64 million.

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Finovate Alumni News

By David Penn Posted on
Categories: Betterment, BlueVine, CAN Capital, CardFlight, Financial Guard, FutureAdvisor, Lending Club, LendingRobot, Misys, Prosper, Wealthfront

On Finovate.com

  • “Straight Outta Beta: Flex Credit from BlueVine Now Available for SMEs

Around the web

  • CAN Capital reaches $6 billion milestone in working capital provided to small businesses.
  • Bloomberg Quick Take features FutureAdvisor, Wealthfront, Betterment, and Financial Guard in a look at robo-advisers.
  • Misys adds Mourad Ayachi and Bob Kubala to its investment management division.
  • “CardFlight Releases New Data Showing Trends on EMV Chip Card Usage in the United States”
  • The NYT ranks top fintech companies, including multiple Finovate & FinDEVr alums.

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 Raises $40 Million in Round Led by Menlo Ventures

BlueVine Raises $40 Million in Round Led by Menlo Ventures
By David Penn Posted on
Categories: BlueVine, Funding, Fundings

BlueVine_homepage_Jan2016

BlueVine, a startup that provides financing for small businesses, has raked in $40 million in new funding. The Series C round, led by Menlo Ventures, featured participation from new investor, Rakuten, and boosts BlueVine’s total capital to more than $64 million.

In a post at the company blog, BlueVine founder, CEO Eyal Lifshitz, said the investment would help “bolster its management ranks” as well as drive new feature development and exploration of new verticals. “With this capital infusion,” Lifshitz said, “our team is excited to work with more SMB owners to solve their cash-flow challenges on a greater scale.” BlueVine also announced an expansion of its maximum credit line from $150,000 to $250,000.

BlueVine_stage_FF2014

From left: BlueVine VP of Operations Edward Castano and CEO Eyal Lifshitz demonstrated their platform at FinovateFall 2014 in New York.

BlueVine specializes in cloud-based “invoice financing,” also called “factoring.” The practice helps small- and medium-sized businesses manage cash flow and payment cycles by advancing cash against outstanding invoices via a simple, online solution. BlueVine enables SMEs to get paid on “day one” for invoices due in 15-90 days with credit lines starting at $5,000. BlueVine reported a 12-fold increase in funded invoices in 2015 and expects to fund more than $200 million in working capital in 2016. Tyler Sosin of Menlo Ventures praised the company for “bringing automation and a modern web experience to factoring, a massive market that has yet to be optimized by technology.”

Founded in July 2013 and headquartered in Palo Alto, California, BlueVine demonstrated its technology at FinovateFall 2014. BlueVine’s approach to factoring was profiled by PYMNTS.com in September and, in February, the company was highlighted by Fast Company as one of “The World’s Top 10 Most Innovative Companies of 2015 in Money.”

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Finovate Alumni News

By Julie Muhn (@julieschicktanz) Posted on
Categories: BlueVine, Cachet Financial Solutions, InComm, Insuritas, Motif Investing, Narrative Science

On Finovate.com

  • Check out the latest “FinDEVr APIntelligence”
  • “Narrative Science Introduces Narratives for Qlik“
  • “BlueVine Raises $40 Million in Round Led by Menlo Ventures”
  • “Motif Investing Launches Recurring Transfers”
  • “Finovate’s European Alums Raised More than $350 Million in 2015″

Around the web

  • Insuritas to power insurance agency in two states for Sterling Federal Bank.
  • InComm to launch digital open-loop, prepaid products for distribution as part of incentive and loyalty programs.
  • Top U.S. bank to upgrade to Cachet Financial Solutions’ enhanced Select Business Merchant Capture solution.

This post will be updated throughout the day as news and developments emerge. You can also follow alumni news headlines on the Finovate Twitter account.

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Finovate Alumni News

By Julie Muhn (@julieschicktanz) Posted on
Categories: BlueVine, CellTrust, Check Point, CoverHound, Engage Financial Technology, eWise, Geezeo, Konto X, OnBudget, PayNearMe, SecureKey, ShopKeep POS, Stratos, Temenos, ThreatMetrix, TIO Networks, Trading Ticket

On Finovate.com

  • “CoverHound Completes $33 Million Series C”
  • “Trading Ticket Picks Up $4 Million in Seed Funding from Citi, Valar Ventures”

Around the web

  • Engage Financial Technology, formerly OnBudget, powers BBVA’s new ClearSpend mobile budgeting app.
  • Eastern Bank to pilot Stratos partner program.
  • PYMNTS considers BlueVine’s approach to factoring.
  • CellTrust named a finalist for Arizona Technology Council’s 2015 Governor’s Celebration of Innovation Awards.
  • SecureKey brings its SecureKey Concierge authentication and ID verification service to the U.S.
  • Temenos executive James Redfern joins eWise as Global Head of Sales.
  • Geezeo unveils new API website with revised REST API and .NET SDK.
  • ShopKeep acquires Ambur, an mPOS software specialist.
  • TIO Networks forms TIO Telecom Solutions, a new division focused on the needs of network operators.
  • ThreatMetrix experiences 50% increase in mobile volume since Sep 2014.
  • Kanto X hits $2+ billion in currency-exchange transactions.
  • Check Point and AirWatch partner to secure the future of the mobile enterprise.
  • 7-Eleven and PayNearMe launch PayNearMe Bill Pay app, a full-service bill-payment center.

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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$680 Million Raised by 29 Alums in Q1 2015

$680 Million Raised by 29 Alums in Q1 2015
By David Penn Posted on
Categories: Advanced Merchant Payments, AdviceGames, Aire, App Annie, Ayasdi, Betterment, Bill.com, BlueVine, Bolstr, Coinbase, CoverHound, Finsphere, Funding, Fundings, Global Debt Registry, Kofax, LendingRobot, Lendio, Linkable Networks, Micronotes, Motif Investing, peerTransfer, Pindrop Security, Q2, Ripple, SimplyTapp, Spreedly, Taulia, TransferWise, TrueLink Financial, Xero

cartoonmoneystackThe biggest surprise in our look at first-quarter funding is that the $677 million amassed by 29 Finovate alums was more than 20% of the $3.2 billion invested in the entire worldwide fintech sector.

The $677 million raised was $85 million (+14%) above the same quarter a year ago, and more than triple the first quarter of 2013.

Q1 2015 was also $133 million above the $544 million mark set in the fourth quarter of 2014.

It will be worth watching to see if this record-setting first quarter for Finovate alum fundraising will be a sign of more great things to come for capital-raising in 2015.

Top 10 Overall Investments

  1. Xero: $111 million in February
  2. Coinbase: $75 million in January
  3. Betterment: $60 million in February
  4. TransferWise: $58 million in January
  5. App Annie: $55 million in January
  6. Ayasdi: $55 million in March
  7. Motif Investing: $40 million in January
  8. Ripple Labs: $30 million in January
  9. Bill.com: $50 million in February
  10. Pindrop Security: $35 in February

Previous Quarterly Comparisons

  • Q1 2015: More than $676 million raised by 29 alums
  • Q4 2014: More than $544 million raised by 25 alums
  • Q1 2014: More than $600 million raised by 8 alums
  • Q1 2013: More than $155 million raised by 14 alums

January: More than $275 million raised by 14 alums

February: More than $264 million raised by 8 alums

March: More than $136 million raised by 7 alums

If you are an alum that raised money in the first quarter of 2015, and do not see your company listed, please drop us a note at research@finovate.com. We would love to share the good news! Funding received prior to becoming an alum not included.

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