By Daniel Lanyon on 1st March 2017
The firm operates in the online small business lending part of the market providing invoice financing.
Invoice finance provider BlueVine has secured a warehouse credit line of up to $75m from alternative asset manager Fortress Credit.
BlueVine provides online working capital financing to small and medium-sized businesses and has strong backing from investors such as Citigroup.
This allows businesses to turn their unpaid invoices into working capital. BlueVine offers a factoring credit line of $20,000 to $2m and is the only company providing a completely online, cloud-based invoice factoring service.
The new cash line will allow BlueVine to expand its fast-growing line of credit financing solution called Flex Credit and enhance the its ability to help business owners meet their working capital needs, says Ana Sirbu, BlueVine’s vice president of finance and strategy.
“Our team is passionately working to make everyday financing faster, simpler and more flexible for our small business customers. We are thrilled to receive this funding from Fortress and accelerate into our next stage of growth,” he said.
Founded in 2013, BlueVine offers business owners convenient access to capital for their everyday funding needs through a sophisticated online financing platform.
BlueVine expanded its reach last year with the introduction of Flex Credit, an on-demand revolving business credit line of up to $100,000. The firm says Flex Credit has become an “exceptionally popular” in recent months with an expectation of growth amounting to four times 2016’s numbers in 2017.
The company funded around $200m in working capital for small and medium-sized businesses last year, and is on track to fund approximately $500m in 2017. BlueVine also capped 2016 by announcing a $49m Series D funding round.
The BlueVine financing agreement with Fortress was negotiated with the assistance of the law firm Manatt, Phelps & Phillips, LLP.