Under the role, Sager will be responsible for driving revenue growth that is sustainable and scalable, the company said in a press release. The position is a newly created one. In his role at Square, the mobile payment company, Sager was in charge of sales, leading the company’s push to go after higher-end customers. That is an area BlueVine is also setting its sights on. In conjunction with the appointment of Sager, the company announced it raised the maximum credit line for businesses to $500,000 from $250,000 for invoice factoring and $50,000 from $30,000 for Flex Credit. Flex Credit is a revolving line of credit offered by BlueVine. What’s more, it said it was on track to fund $200 million in working capital this year.
“We’re thrilled to welcome Eric to our executive team at a time of rapid growth and accelerating demand for BlueVine’s financing products,” said Eyal Lifshitz, founder and CEO of BlueVine. “Eric has a proven track record leading teams in high-performance companies and driving sustained growth. His leadership will prove instrumental as we seek to solve working capital challenges for more and more businesses.”
This past spring, BlueVine secured financing from Citi Ventures, the venture capital arm of Citibank. The amount of the funding wasn’t disclosed but came on the heels of a $40 million Series C funding round it raised in January. That round of funding was led by Rakuten FinTech Fund, Lightspeed Venture Partners, 83NORTH, Correlation Ventures and others.
Citi Ventures Managing Director and Co-Head of Venture Capital Arvind Purushotham said at the time that the VC was interested in BlueVine because it addresses small businesses’ pain points, like cash flow management, for growth-stage companies that need financing.