BlueVine secured new debt financing of up to $130 million, enabling the online lender to launch a new additional line of credit product that allows business owners to make monthly, instead of weekly, payments over 12 months.

BlueVine, a provider of working capital financing to small and medium-sized businesses, secured $130 million in debt capital financing from a group of lenders that includes Silicon Valley Bank, SunTrust Bank, Bank Leumi and TriplePoint Venture Growth BDC. The new funds will support the scaling of BlueVine’s online invoice factoring product and the company’s overall growth.

Including the latest investments, BlueVine, which was founded in 2013, has raised $273 million in funding, including $68 million in equity financing and up to $205 million in debt financing.

“The new capital raise reflects BlueVine’s relentless dedication to serving our customers, as well as our momentum as a business. We are thrilled to partner with Silicon Valley Bank, SunTrust Bank, Bank Leumi and TriplePoint Venture Growth on our way to future milestones,” said Ana Sirbu, BlueVine’s vice president of Finance and Capital Markets. “We are building a business for the long term and we continuously strive to offer our customers the best working capital financing products. As a testament to that, over 80% of our business is now through returning customers.”

BlueVine secured the funding as the company rolls out a 12-month business line of credit based on monthly payments, a new offering that would make it easier for business owners to meet their everyday funding needs.

BlueVine introduced the new product in response to client requests for a longer-term business line of credit with monthly payment plans by giving business owners 12 months to repay each withdrawal in full, meaning lower payments each month.

“BlueVine’s goal is to offer the optimal solution for every working capital challenge faced by business owners, and our new product is another step forward in fulfilling this vision,” said BlueVine founder and CEO Eyal Lifshitz. “Business owners have diverse needs, and by augmenting our product offering, we are able to offer the solution that fits best.”