California-based working capital financier BlueVine has secured a US$200mn asset-backed revolving credit facility from Credit Suisse, which it will use to grow its lines of credit.
A spokesperson from the firm tells GTR that the new financing will allow the company to scale existing products to new customers, including raising its business line of credit limit to US$250,000 to continue to serve working capital requirements of SMEs. It will also consider introducing new financing options.
In January this year, the lender had raised its business line of credit to US$200,000 and doubled its invoice factoring limit to US$5mn.
“We continue to grow stronger as a technology-enabled financing provider for small businesses addressing their everyday funding needs,” says BlueVine CEO Eyal Lifshitz. “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.”
BlueVine’s CFO Ana Sirbu says the funds will facilitate a new phase of growth for the firm. “Capital markets partnerships are critical to our ability to scale and effectively serve our expanding customer base,” she explains.
The Silicon Valley company was founded by Lifshitz in 2013. After closing US$40mn in a January 2016 funding round, BlueVine attracted further financial support from Citi Ventures, the investment arm of Citigroup.
In addition to Redwood City, California, BlueVine also has offices in New Jersey, New Orleans and Tel Aviv.