Alternative lending platform BlueVine has announced its latest investment to the tune of $60 million.
A press release issued by the company said Menlo Ventures led the Series E equity funding round for BlueVine, which also saw backing from SVB Capital and other investors. BlueVine said it will use the funds to expand its invoice factoring and business line of credit products, as well as to explore new products for small- and medium-sized business (SMB) borrowers. In that effort, the funds will also go toward additions to its research and development staff.
BlueVine CEO and Founder Eyal Lifshitz said, "In just four years, BlueVine has scaled two major financing products, invoice factoring and business line of credit. We're building a cutting edge, technology-enabled platform that is helping thousands of [SMBs] get quick access to funds to address their everyday funding needs. This new investment gives us a stronger market position as we pursue bigger plans for reaching even more [SMB] owners and expanding our offering."
In another statement, Menlo Ventures partner Tyler Sosin said BlueVine, which first received backing from Menlo Ventures in 2015, "has demonstrated dramatic, sustainable growth and has proven that there is enduring value in developing a comprehensive offering of credit products that [SMBs] can use throughout their lifetimes. We continue to get more excited about the expanding ambitions of the company and we believe there is a real opportunity for BlueVine to emerge as the dominant, multi-billion dollar FinTech company."
In late-2016, BlueVine secured $49 million, a funding round in which Menlo Ventures also participated — alongside Lightspeed Venture Partners, 83North, Citi Ventures, Rakuten Capital and Silicon Valley Bank. At the time, BlueVine said it would use the venture capital to focus on team expansion and the introduction of new products.
More recently, BlueVine announced in March a partnership with SMB cross-border payments company Veem.