BlueVine Announces New $200 Million Revolving Line of Credit With Credit Suisse

BlueVine also bolsters financing to small businesses by raising credit line limit to $250,000

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May 01, 2018, 08:00 ET

REDWOOD CITY, Calif., May 1, 2018 /PRNewswire/ -- BlueVine announced today that it has secured a $200 million asset-backed revolving credit facility with Credit Suisse, one of the world's leading financial services providers. BlueVine will use the capital to expand its highly-successful business line of credit product.

BlueVine, the leading provider of working capital financing to small and medium-sized businesses, also said it is raising its business line of credit limit to $250,000. Earlier this year, the company 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," BlueVine Founder and CEO Eyal Lifshitz said. "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 continue to fuel BlueVine's momentum as a leading player in the FinTech business lending market.

"Capital markets partnerships are critical to our ability to scale and effectively serve our expanding customer base. 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."

For more information on BlueVine's business line of credit, please visit BlueVine.com.

About BlueVine

BlueVine provides flexible working capital financing to small and medium-sized businesses, giving them quick access to funds needed to purchase inventory, cover expenses, or expand operations.

A fintech pioneer, BlueVine developed a fully-online cloud-based platform for invoice factoring, revolutionizing the 4,000-year old financing system that allows businesses to receive cash advances on outstanding invoices. BlueVine also offers Flex Credit, business line of credit financing issued by Celtic Bank, a Utah-chartered Industrial Bank, Member FDIC. Flex Credit is based on 6-month and 12-month payment terms. Based in Redwood City, Calif., 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.

CONTACT: Amberly Asay, 1-801-4619776, [email protected]

SOURCE BlueVine