Online Lender BlueVine Receives $200 Million Line of Credit from Credit Suisse
Online lender BlueVine has secured a $200 million asset-backed revolving credit facility with Credit Suisse. Additionally, the SME focused platform said it has upped its business line of credit to $250,000. Earlier in 2018, BlueVine doubled its invoice factoring credit limit to $5 million. BlueVine’s total funded volume since founding is expected to top $1 billion in 2018.
“We continue to grow stronger as a technology-enabled financing provider for small businesses addressing their everyday funding needs,” said BlueVine Founder and CEO Eyal Lifshitz. “We’re helping thousands of entrepreneurs reach their business goals with an easy-to-use platform that gives them fast and convenient online access to working capital.”
Ana Sirbu, BlueVine’s Chief Financial Officer, said the new financing will fuel BlueVine’s momentum as a leading player in the Fintech business lending market. Access to capital market partnerships like this being critical to their ability to scale;
“This financing will support our next phase of growth,” she said. “We continue to build a business for the long-term by offering the best working capital financing solutions to business owners,” stated Sirbu.
BlueVine provides working capital financing to small and medium-sized businesses, providing quick access to funds needed to purchase inventory, cover expenses, and more.
To date, BlueVine has raised more than $400 million in equity and debt funding and is funded by Lightspeed Venture Partners, 83NORTH, Correlation Ventures, Citi Ventures, Menlo Ventures, Rakuten Fintech Fund and other private investors.