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Online lender has completed its latest financing round to enlarge its team and expand its finance solutions, less than a year after raising $40 million in January.
An Israeli-U.S. financial technology startup, BlueVine, announced on Wednesday that it secured $49 million during its Series D funding round, led by existing investors, such as Silicon Valley Bank, Rakuten FinTech Fund, 83North, Lightspeed Venture Partners, Menlo Ventures, Citi Ventures, and others. The investment brings the total sum raised by the startup to more than $110 million.
According to the release, the company will utilize the funds to further expand its team and broaden the list of offerings.
“We are very proud of all we’ve accomplished in 2016 and excited to continue on our incredible growth trajectory. BlueVine is delivering unprecedented ease and convenience to meet SMB owners’ financing needs and help them achieve their goals,” said Eyal Lifshitz, chief executive and founder of BlueVine.
Established in 2014, BlueVine has helped small buinesses to get an easy and quick access to the capital they need to expand operations, acquire inventory and cover their expenses. The firm started its business in the sector of invoice factoring, where companies sell their accounts receivable to a creditor at a discounted price so they can have access to working capital. The startup makes earnings off the spread between the discount and the invoice’s actual value, which is paid in 30 to 60 days.
BlueVine has already provided over $200 million in funding to small businesses and is planning to provide more than $500 million in working capital by the end of 2017.
“This team continues to push the pace of innovation to deliver best-in-class everyday financing products,” said Yoni Cheifetz, Managing Director of Lightspeed Venture Partners. “We are delighted to have supported BlueVine’s journey to date and thrilled to enable them to bring their vision to thousands of more SMBs across the country.”
“BlueVine’s business line of credit has proven to be very popular with QuickBooks users,” said Rania Succar, business leader of QuickBooks Financing. “It fills a critical part of the QuickBooks Financing portfolio and allows us to extend credit to younger businesses. We are excited about expanding our partnership to serve even more QuickBooks SMBs with BlueVine’s business line of credit.”
In view of the growing customer demand, BlueVine has increased the maximum credit limit from $250,000 to $2 million for invoice factoring. Besides, it increased credit limit for the business line of credit from $50,000 to $100,000.
BlueVine currently employs 93 people at its headquarters in Palo Alto, California and in its research and development center in Tel Aviv, Israel.