Fintech startup BlueVine announced that it has raised $49 million in Series D funding round that was led by existing investors, including Lightspeed Venture Partners, Citi Ventures, Rakuten FinTech Fund and Silicon Valley Bank, among others.
The fintech firm plans to utilize the financial support in expanding its team and range of offerings, the release stated. BlueVine has already funded more than $200 million in working capital for SMB’s and the company is on track to fund over $500 million in working capital during 2017.
"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,” Eyal Lifshitz, CEO and founder of BlueVine said.
Launched in March 2014, the company’s cloud based financial solutions have helped more small businesses obtain quick and easy access to the funds they need to purchase inventory, cover expenses and expand operations.
"This team continues to push the pace of innovation to deliver best-in-class everyday financing products," said Yoni Cheifetz 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, in response to the customer demand, has increased credit lines to $2 million for invoice factoring and $100,000 for business lines of credit. It offers credit lines starting at $5,000 for a business line of credit and $20,000 for invoice factoring.
The company is expanding strategic relationships with partners like Intuit.
