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.”