Alternative lending firm BlueVine lands $60m equity funding
BlueVine brings in $60m
Alternative lending company BlueVine just landed $60 million in equity funding, reports Julie Muhn at Finovate. The Series E round brings its total financing to $578 million, comprising of $173 million in equity and $405 million in debt.
Participating in this 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.
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, says: “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 comments 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.
Since inception, the company has funded more than $900 million in loans for more than 10,000 customers, 80% of which are return customers.
