Fintech startup BlueVine announced on Tuesday it has expanded its reach with up to $130 million in new debt financing and business credit line, allowing business owners to make monthly, instead of weekly, payments, over 12 months. The company shared it introduced the new product in response to client requests for a longer-term business line of credit with monthly payment plans. Ana Sirbu, BlueVine’s Vice President of Finance and Capital Markets, stated:
“The new capital raise reflects BlueVine’s relentless dedication to serving our customers, as well as our momentum as a business. We are thrilled to partner with Silicon Valley Bank, SunTrust Bank, Bank Leumi and TriplePoint Venture Growth on our way to future milestones. We are building a business for the long term and we continuously strive to offer our customers the best working capital financing products. As a testament to that, over 80 percent of our business is now through returning customers.”
BlueVine Founder and CEO Eyal Lifshitz, then added:
“BlueVine’s goal is to offer the optimal solution for every working capital challenge faced by business owners, and our new product is another step forward in fulfilling this vision. Business owners have diverse needs, and by augmenting our product offering, we are able to offer the solution that fits best.”
BlueVine reported that since its launch in 2013 it has raised $273 million in funding, which includes $68 million in equity financing and up to $205 million in debt financing. The company is funded by Lightspeed Venture Partners, 83NORTH, Correlation Ventures, Citi Ventures, Menlo Ventures, Rakuten Fintech Fund and other private investors. BlueVine also revealed it has partnered with Silicon Valley Bank, SunTrust Bank, Bank Leumi, and TriplePoint Venture Growth BDC Corp.