BlueVine has doubled its credit line size for its invoice factoring product for up to $5m, as well as its business line of credit products to $200,000.
The US-based lender is also opening a new office in New Jersey, in order to better focus on customers and partners on the East Coast. The platform allows businesses to turn their unpaid invoices into working capital.
BlueVine now offers a factoring credit line of $20,000 to $5m and is the only company providing a completely online, cloud-based invoice factoring service.
“In just four years, we’ve dramatically increased our invoice factoring credit line to $5 million, and our business line of credit to $200,000,” BlueVine CEO and founder Eyal Lifshitz said.
“We continue to be fully committed to providing business owners with robust financing options to help them thrive.”
In March 2017, BlueVine secured a warehouse credit line of up to $75m from alternative asset manager Fortress Credit.
The lender 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.