BlueVine boosts invoice factoring credit line to $5m
Small business lender BlueVine will double the size of its invoice factoring solution and increase the limit for its business line of credit, Flex Credit, by more than 30%, reports David Penn at Finovate (FinTech Futures‘ sister company).
“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, says.
US-based BlueVine explains that it 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 states that its 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 says it 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.
Ana Sirbu, BlueVine
BlueVine’s news comes just a few days after announcing its new CFO. After joining BlueVine as VP of finance and capitalmMarkets in 2016, 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.
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 announced a new office in Jersey City, New Jersey, which it believes will help grow its customer base on the east coast of the US.
