The fintech lender is planning to expand financing to small and medium-sized businesses.
Alternative business lending platform BlueVine has raised $60m in new equity funding.
Founded in 2013, BlueVine is an online small business lending platform. The company’s total funded volume since inception is expected to top $1bn in 2018, the firm said.
The Series E funding round was led by Menlo Ventures, and includes new investors, such as SVB Capital. All major existing investors also participated.
BlueVine is planning to use the cash to expand its invoice factoring and business line of credit products, and is also looking to accelerate its R&D with a fleet of new hires.
BlueVine CEO and founder Eyal Lifshitz said: “This new investment gives us a stronger market position, as we pursue bigger plans for reaching even more small business owners and expanding our offering.”
BlueVine said it had doubled its invoice factoring credit line to $5m earlier in 2018 and also has increased its business line of credit line limit from $150,000 last year to $250,000. In May, BlueVine announced that it had secured a $200m credit facility with Credit Suisse. The company has secured more than $300 million in debt financing over the past year.
Join AltFi for its third annual Alternative Income Forum, exploring closed-ended funds (investment trusts) specialising in generating an income using alternative assets such as specialist finance, P2P lending, direct lending, asset leasing and more. Hear from the leading investors and fund managers in this rapidly growing market.