BlueVine

BlueVine (formally BlueVine Capital), is a Redwood City, California based fintech company that provides online business banking and financing to small- and medium-sized businesses.[2]

History

BlueVine was founded in 2013 by CEO Eyal Lifshitz, and fellow entrepreneurs Nir Klar and Moti Shatner.[3] Lifshitz was a venture capitalist who previously worked at Menlo Park, California-based venture capital firm Greylock Partners.[4] The idea for the business came to him after seeing his father’s difficulty with cash flow while running a small business. Lifshitz realized the complicated process could be simplified as an online service.[4]

In January 2016, the company announced a $40 million funding round.[5] Also in January, the company started offering business loans.[6] In April, the company announced a partnership with New York bank Citigroup, and an undisclosed investment with the bank’s Citi Ventures strategic investing arm.[6]

In May 2018, the company announced it had been awarded a $200 million line of credit from Credit Suisse Group, which it would use to expand its business services and increase the credit limit it offered its customers.[7] In June, the company raised $60 million in a funding round led by Menlo Ventures, with participation from existing investors.[8]

In November 2019, the company raised $102.5 million in Series F financing, led by venture capital firm ION Crossover Partners, along with existing investors.[9]

In December 2019, the company announced plans to build an operations center in Utah to support its expansion into business banking services including checking and line of credit services.[10] At the time, the company announced it had provided $2.5 billion in financing since 2013.[11]

In 2020, BlueVine facilitated more than 155,000 Paycheck Protection Program (PPP) loans to small businesses.[12] In September, the company announced it secured a $75 million revolving credit facility from New York-based investment manager Atalaya Capital Management.[1]

Services

BlueVine offers online business banking and financing services through three products – term loans, lines of credit and invoice factoring.[13] BlueVine’s factoring loans are an alternative to traditional daily cash advances. Financing rates are based on the borrower’s financial metrics.[4] Banking customers have access to lines of credit and checking services.[10]

Operations

BlueVine is headquartered in Redwood City, California, and as of December 2019 has an operations center under development in Utah.[11] The company also has a development office in Ramat Gan, Israel.[14]

References

  1. ^ Jump up to:ab “BlueVine Announces $75 Million Revolving Credit Facility”. Crowdfund Insider. 2020-09-09. Retrieved 2020-10-05.
  2. ^“BlueVine”. Growjo. Retrieved 19 November 2020.
  3. ^“Small business lender snags $102.M more in funding”. Silicon Valley Business Journal. 2019-11-19. Retrieved 2020-08-24.
  4. ^ Jump up to:ab c “The New Invoice Financing: Online Players BlueVine, Fundbox And C2FO Are Transforming The Market”. Forbes. 2015-09-10. Retrieved 2020-08-24.
  5. ^“Startup BlueVine Nabs $40 Million As Once-Stodgy Invoice Financing Becomes The Latest Tech Craze”. Forbes. 2016-01-20. Retrieved 2020-08-25.
  6. ^ Jump up to:ab “Why Citigroup is backing online lending start-up BlueVine”. CNBC. 2016-04-27. Retrieved 2020-08-25.
  7. ^“Redwood City startup scores $200M credit line for small business lending”. Silicon Valley Business Journal. 2018-05-01. Retrieved 2020-08-24.
  8. ^“BlueVine raises $60 million to give small businesses access to working capital”. VentureBeat. 2018-06-05. Retrieved 2020-08-24.
  9. ^“BlueVine raises $102.5M more for banking services that target small businesses”. TechCrunch. 2019-11-19. Retrieved 2020-08-24.
  10. ^ Jump up to:ab“State incentive plan goes out with a bang in year that saw tax breaks draw 10,000 new jobs”. Deseret News. 2019-12-12. Retrieved 2020-08-25.
  11. ^ Jump up to:ab“Fintech Company BlueVine to Expand in Utah with New Operations Center”. Utah’s Governor’s Office of Economic Development. 2019-12-12. Retrieved 2020-08-25.
  12. ^“Real Businesses Snared in Hunt for Coronavirus Loan Scammers”. The Wall Street Journal. 2020-08-13. Retrieved 2020-08-25.
  13. ^“This Entrepreneur Went From Investing $100 Million In Startups To Raising $500 Million For His Own Business”. Forbes. 2019-07-11. Retrieved 2020-08-24.
  14. ^“Israeli fintech co BlueVine Raises $60m”. Globes. 2018-06-05. Retrieved 2020-08-25.

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