By Julie Munh for Finovate
Alternative lending company BlueVine received a boost today, landing a $130 million round of debt funding. The company’s overall financing now totals $273 million, which is now comprised of $205 million in debt and $68 million in equity.
Supporting BlueVine in this round are Silicon Valley Bank, SunTrust Bank, Bank Leumi, and TriplePoint Venture Growth BDC Corporation. The company will use the funds to support its invoice factoring offering and grow its overall business. Ana Sirbu, BlueVine’s Vice President of Finance and Capital Markets said the company is “building a business for the long term” and notes that more than 80% of the company’s business comes from returning customers.
Additionally, the company has launched a new credit line that allows businesses to make payments on a monthly, instead of a weekly basis over the course of a 12-month term. Last year, the company increased its maximum line of credit to $100 million. “BlueVine’s goal is to offer the optimal solution for every working capital challenge faced by business owners, and our new product is another step forward in fulfilling this vision,” says BlueVine Founder and CEO Eyal Lifshitz. “Business owners have diverse needs, and by augmenting our product offering, we are able to offer the solution that fits best.”
Founded in 2013, BlueVine is best known for Invoice Factoring, in which it issues cash to small businesses who sell their unpaid invoices at a discount, then receive up to $2 million in working capital in a matter of days to help manage operations. This summer, the company partnered with Solomoto to combine its offering with Solomoto’s digital marketing platform.