BlueVine, a fintech startup that serves up financing facilities for small businesses, has raised $60 million in a series E round of funding led by Menlo Ventures, with participation from Silicon Valley Bank and existing investors such as Lightspeed Venture Partners and 83North.
Founded in 2013, BlueVine provides working capital to small businesses and freelancers looking to grow their businesses and cover costs when clients take too long to pay. The Redwood City, California-based startup has built a cloud-based platform for invoice factoring, a system that advances companies a percentage of their outstanding invoices, as well as offering a credit facility.
BlueVine had previously raised north of $400 million in funding, though around three-quarters of that figure has arrived in the past year via debt financing. Indeed, the company announced a $200 million revolving credit facility with Credit Suisse just last month.
With another $60 million in the bank, the startup said it plans to grow its line of products and expedite its R&D hiring.
“In just four years, BlueVine has scaled two major financing products — invoice factoring and business line of credit,” noted BlueVine CEO and founder Eyal Lifshitz. “We’re building a cutting edge, technology-enabled platform that is helping thousands of small businesses get quick access to funds to address their everyday funding needs. 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.”
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