BlueVine, an online provider of working capital financing to small businesses, has closed $40 million in funding, bringing the company’s total funding to $64 million to date.

This Series C funding was led by an investment from Menlo Ventures, with additional participation from new investor Rakuten FinTech Fund, follow-on investments from Lightspeed Venture Partners, 83NORTH, Correlation Ventures and private investors, as well as a new debt facility from Silicon Valley Bank.

“We are thrilled to welcome Menlo Ventures and Rakuten FinTech Fund to our esteemed group of investors and to embark on our next phase of growth,” said Eyal Lifshitz, CEO and founder of BlueVine. “BlueVine has ushered factoring into the modern age, while bringing much-needed transparency, efficiency and speed to the industry. With this capital infusion, our team is excited to work with more SMB owners to solve their cash-flow challenges on a greater scale.”

BlueVine will use this investment to bolster its management ranks, develop new features and fuel expansion into new verticals. BlueVine had a 12x increase in funded invoices in 2015, and is on track to fund more than $200 million in working capital in the next year.

“BlueVine is bringing automation and a modern web experience to factoring, a massive market that has yet to be optimized by technology,” said Tyler Sosin of Menlo Ventures. “We’re excited to partner with BlueVine to make working capital more accessible to the more than 20 million small businesses across the country.”

BlueVine also announced it has increased its maximum credit line from $150,000 to $250,000 for qualified businesses. This represents a 5x increase in BlueVine’s maximum credit line since its previous funding round in January 2015. BlueVine, which offers credit lines starting at $5,000, enables small businesses to get paid within 24 hours instead of waiting for Net 15, Net 30, Net 60 or Net 90 payment cycles.

“We are very impressed with BlueVine’s disruptive technology and how it financially empowers the small business community,” said Rakuten’s Oskar Mielczarek de la Miel, managing partner of the Rakuten FinTech Fund.

Sosin will join BlueVine’s board of directors and Miel will join as a board observer and strategic advisor.

Palo Alto, CA-based BlueVine gives small businesses access to funds they need to purchase inventory, cover expenses or expand operations. BlueVine pioneered the first fully online, cloud-based platform for invoice financing, also known as “factoring,” enabling rapid advances on outstanding invoices.

Menlo Ventures provides capital for multi-stage consumer and enterprise technology companies. Since 1976, the firm’s market-driven analysis has led to the identification of and successful exits in innovative technology markets.

Rakuten is an Internet services companies, offering a wide variety of services for consumers and businesses with a focus on e-commerce, finance and digital content. The Fund invests in disruptive financial services start-ups across the globe, with a focus on North America and Europe.