Fintech lender BlueVine closed $60 million in equity funding, supporting the company’s momentum in the alternative business lending market.
The Series E funding round was led by Menlo Ventures and included new investors, such as SVB Capital. All major existing investors also participated.
The new financing will support BlueVine’s plan to expand its invoice factoring and business line of credit products and explore new products catering to small and medium-sized businesses. The company also plans to use the funding to accelerate R&D hiring.
“In just four years, BlueVine has scaled two major financing products, invoice factoring and business line of credit,” BlueVine CEO and Founder Eyal Lifshitz said. “This new investment gives us a stronger market position, as we pursue bigger plans for reaching even more small business owners and expanding our offering.”