BlueVine bags another $12m from Microsoft and Nationwide

By Ryan Weeks on Tuesday 31 July 2018

Alternative Lending

Its $60m Series E round has been extended to accommodate the new investors.

Online business lender BlueVine has packed more money into its Series E round, bringing the fundraise to $72m in total.

The new money comes from M12, Microsoft’s venture fund, and the venture arm of insurance and financial services provider Nationwide.

BlueVine announced that it had raised $60m through a Series E round in June, with Menlo Ventures taking the lead. The money was raised to expand its invoice factoring and business loan products, as well as to accelerate its R&D with new hires.

“We're excited about BlueVine’s suite of technology-enabled working capital solutions for small and medium sized businesses,” said Elliott Robinson, partner at M12. “The company’s market traction to-date has been impressive and we believe their technology and talent have set them on the path for continued growth. We look forward to seeing what they do next.”

The company has also notched another milestone, recently passing $1bn in cumulative funding to US businesses, after five years of operations.

The fintech firm employees more than 200 people across offices in Redwood City, New Jersey, New Orleans and Israel.

 

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