The Israeli company, which provides online loans to small and medium-sized businesses, has raised the debt financing from banks and investors.
As reported in Globes:
Israeli fintech company BlueVine is expanding its online business lending operations with new debt financing of up to $130 million from banks and investors. BlueVine, which provides working capital financing to small and medium-sized businesses has raised the funds from Silicon Valley Bank, SunTrust Bank, Bank Leumi and TriplePoint Venture Growth BDC Corp. The new funds will support the scaling of BlueVine’s pioneering online invoice factoring product and the company’s overall growth.
Founded in 2013, the company is headquartered in Redwood City, California and has its development office in Ramat Gan. BlueVine has 150 employees, 60 of them in Ramat Gan and has raised $273 million in funding, including $68 million in equity financing and up to $205 million in debt financing. Investors include Lightspeed Venture Partners, 83NORTH, Correlation Ventures, Citi Ventures, Menlo Ventures, Rakuten Fintech Fund and other private investors.
The company has developed a fully-online cloud-based platform for invoice factoring, revolutionizing the financing system that allows businesses to receive cash advances on outstanding invoices.
The company has also launched a new line of credit product that allows business owners to make monthly, instead of weekly, payments, over 12 months.
Australian SMEs are increasingly looking towards online lenders as an alternative to banks. According to Digital Finance Analytics in 2016, 65 per cent of SMEs were not satisfied with their current banking provider (Huffington Post Australia).