Credit Suisse provides $200m line of credit to BlueVine
Alternative lending platform BlueVine fortified its backing with a $200 million line of credit from Credit Suisse, writes Julie Muhn at Finovate. This boosts the company’s total combined debt and equity funding to $518 million.
The latest round is an asset-backed revolving credit facility that will allow BlueVine to offer higher lines of credit to more small businesses at a larger scale. In fact, the California-based company has increased its business line of credit from $200,000 to $250,000. This comes after BlueVine doubled its invoice factoring credit limit to $5 million earlier this year.
BlueVine CFO Ana Sirbu says this type of debt funding is critical for the company to increase its scale. “This financing will support our next phase of growth,” she says.
Founded in 2013, BlueVine is best known for Invoice Factoring, in which it issues cash to small businesses who sell their unpaid invoices at a discount, then receive up to $5 million in working capital in a matter of days to help manage operations. The company expects its total funded volume to exceed $1 billion this year.
Earlier this spring, the company partnered with cross-border payments company Veem to save businesses on international payments.
BlueVine’s other investors include Lightspeed Venture Partners, 83NORTH, Correlation Ventures, Citi Ventures, Menlo Ventures, and Rakuten Fintech Fund.
Eyal Lifshitz is CEO.