Small business lender BlueVine has secured up to $75 million in financing from Fortress Credit Corp. According to the company, the capital will be used to expand its credit financing solutions. Manatt, Phelps & Phillips LLP assisted in the transaction.
REDWOOD CITY, Calif., Feb. 28, 2017 — BlueVine, the leading provider of online working capital financing to small and medium-sized businesses, announced today that it has secured a warehouse credit line of up to $75 million from Fortress Credit Corp. and/or funds managed by affiliates of Fortress Investment Group LLC.
The financing will allow BlueVine to expand its fast-growing line of credit financing solution called Flex Credit and enhance the FinTech pioneer¹s ability to help business owners meet their working capital needs.
³Our team is passionately working to make everyday financing faster, simpler and more flexible for our small business customers,² Ana Sirbu, BlueVine¹s vice president of finance and strategy, said. ³We are thrilled to receive this funding from Fortress and accelerate into our next stage of growth.²
Founded in 2013, BlueVine offers business owners convenient access to capital for their everyday funding needs through a sophisticated online financing platform.
BlueVine expanded its reach last year with the introduction of Flex Credit, an on-demand revolving business credit line of up to $100,000. Flex Credit has become an exceptionally popular BlueVine financing option and is expected to grow more than four times in 2017.
BlueVine is best known as the pioneer of online invoice factoring, which allows businesses to turn their unpaid invoices into working capital. BlueVine offers a factoring credit line of $20,000 to $2 million and is the only company providing a completely online, cloud-based invoice factoring service.
³We are building a business for the long term and we continuously strive to offer our customers the best working capital financing products,² Sirbu also said.
The financing from Fortress comes on the heels of a phenomenally strong 2016 for BlueVine.
The company funded around $200 million in working capital for small and medium-sized businesses last year, and is on track to fund approximately $500 million in 2017. BlueVine also capped 2016 by announcing a $49 million Series D funding round.
The BlueVine financing agreement with Fortress was negotiated with the assistance of the law firm Manatt, Phelps & Phillips, LLP.
BlueVine provides flexible working capital to small and medium-sized businesses, giving them quick access to funds needed to purchase inventory, cover expenses or expand operations. BlueVine pioneered the first fully online, cloud-based platform for invoice factoring, which enabled rapid advances on outstanding invoices. The Company also offers FlexCredit, an on-demand revolving business credit line of up to $100,000.
BlueVine is funded by Lightspeed Venture Partners, 83NORTH, Correlation Ventures, Menlo Ventures, Rakuten Fintech Fund and other private investors.