BlueVine

BlueVine (formally BlueVine Capital), is a Redwood City, California-based fintech company that provides online business banking and financing to small- and medium-sized businesses.[2]

BlueVine
TypePrivate
IndustryFinancial technology
Founded2013[1]
FoundersEyal Lifshitz, Moti Shatner, and Nir Klar
HeadquartersRedwood City, California, United States
Key people
Eyal Lifshitz, CEO
ProductsBusiness banking, line of credit, term loans, invoice factoring
WebsiteBlueVine.com

History

BlueVine was founded in 2013 by CEO Eyal Lifshitz, and fellow entrepreneurs Nir Klar and Moti Shatner.[3] Lifshitz was a venture capitalist who previously worked at Menlo Park, California-based venture capital firm Greylock Partners.[4] The idea for the business came to him after seeing his father's difficulty with cash flow while running a small business. Lifshitz realized the complicated process could be simplified as an online service.[4]

In January 2016, the company announced a $40 million funding round.[5] Also in January, the company started offering business loans.[6] In April, the company announced a partnership with New York bank Citigroup, and an undisclosed investment with the bank's Citi Ventures strategic investing arm.[6]

In May 2018, the company announced it had been awarded a $200 million line of credit from Credit Suisse Group, which it would use to expand its business services and increase the credit limit it offered its customers.[7] In June, the company raised $60 million in a funding round led by Menlo Ventures, with participation from existing investors.[8]

In November 2019, the company raised $102.5 million in Series F financing, led by venture capital firm ION Crossover Partners, along with existing investors.[9]

In December 2019, the company announced plans to build an operations center in Utah to support its expansion into business banking services including checking and line of credit services.[10] At the time, the company announced it had provided $2.5 billion in financing since 2013.[11]

In 2020, BlueVine facilitated more than 155,000 Paycheck Protection Program (PPP) loans to small businesses.[12] In September, the company announced it secured a $75 million revolving credit facility from New York-based investment manager Atalaya Capital Management.[1]

Services

BlueVine offers online business banking and financing services through three products - term loans, lines of credit and invoice factoring.[13] BlueVine’s factoring loans are an alternative to traditional daily cash advances. Financing rates are based on the borrower's financial metrics.[4] Banking customers have access to lines of credit and checking services.[10]

Operations

BlueVine is headquartered in Redwood City, California, and as of December 2019 has an operations center under development in Utah.[11] The company also has a development office in Ramat Gan, Israel.[14]

References
  1. "BlueVine Announces $75 Million Revolving Credit Facility". Crowdfund Insider. 2020-09-09. Retrieved 2020-10-05.
  2. "BlueVine". Growjo. Retrieved 19 November 2020.
  3. "Small business lender snags $102.M more in funding". Silicon Valley Business Journal. 2019-11-19. Retrieved 2020-08-24.
  4. "The New Invoice Financing: Online Players BlueVine, Fundbox And C2FO Are Transforming The Market". Forbes. 2015-09-10. Retrieved 2020-08-24.
  5. "Startup BlueVine Nabs $40 Million As Once-Stodgy Invoice Financing Becomes The Latest Tech Craze". Forbes. 2016-01-20. Retrieved 2020-08-25.
  6. "Why Citigroup is backing online lending start-up BlueVine". CNBC. 2016-04-27. Retrieved 2020-08-25.
  7. "Redwood City startup scores $200M credit line for small business lending". Silicon Valley Business Journal. 2018-05-01. Retrieved 2020-08-24.
  8. "BlueVine raises $60 million to give small businesses access to working capital". VentureBeat. 2018-06-05. Retrieved 2020-08-24.
  9. "BlueVine raises $102.5M more for banking services that target small businesses". TechCrunch. 2019-11-19. Retrieved 2020-08-24.
  10. "State incentive plan goes out with a bang in year that saw tax breaks draw 10,000 new jobs". Deseret News. 2019-12-12. Retrieved 2020-08-25.
  11. "Fintech Company BlueVine to Expand in Utah with New Operations Center". Utah's Governor's Office of Economic Development. 2019-12-12. Retrieved 2020-08-25.
  12. "Real Businesses Snared in Hunt for Coronavirus Loan Scammers". The Wall Street Journal. 2020-08-13. Retrieved 2020-08-25.
  13. "This Entrepreneur Went From Investing $100 Million In Startups To Raising $500 Million For His Own Business". Forbes. 2019-07-11. Retrieved 2020-08-24.
  14. "Israeli fintech co BlueVine Raises $60m". Globes. 2018-06-05. Retrieved 2020-08-25.
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