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.”
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.