SME alternative lender BlueVine announced its newest venture capital financing Tuesday (Feb. 28) thanks to Fortress Credit Corp.
The company revealed a $75 million warehouse credit line for its SME working capital financing operations. The latest money from venture capital will be used to fuel BlueVine’s line of credit financing offering Flex Credit, the company said.
“Our team is passionately working to make everyday financing faster, simpler and more flexible for our small business customers,” said BlueVine Vice President of Finance and Capital Markets Ana Sirbu in a statement. “We are thrilled to receive this funding from Fortress and accelerate into our next stage of growth.”
BlueVine first launched Flex Credit last year, offering its SMEs a revolving credit line of up to $100,000. The company said it expects this aspect of the company to grow fourfold in 2017 as BlueVine expands from its initial offering of invoice financing.
“We are building a business for the long term, and we continuously strive to offer our customers the best working capital financing products,” the executive added.
Also last year, BlueVine announced $49 million in venture capital funding led by Lightspeed Venture Partners, Menlo Ventures, 83North, Citi Ventures, Rakuten FinTech Fund and Silicon Valley Bank. The Series D round, announced in December, will go toward developing newer products and services, the company said at the time.
The lender said it provided about $200 million to SMEs last year. This year it anticipates to provide $500 million in funding.