The Series E funding round was led by Menlo Ventures, and includes new investors, such as SVB Capital. Existing investors also participated. The new financing will support BlueVine’s plan to expand its invoice factoring and business line of credit products, and to explore new products catering to small and medium-sized businesses. BlueVine also plans to use the funding to accelerate R&D hiring.
Founded in 2013, BlueVine is focused on online small business lending. The company’s total funded volume since inception is expected to top USD 1 billion in 2018.
The company has also increased its business line of credit line limit from USD 150,000 in 2017 to USD 250,000. In May 2018, BlueVine announced that it had secured a USD 200 million credit facility with Credit Suisse. The company has secured more than USD 300 million in debt financing in 2017.
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