BlueVine doubled the credit line size for its invoice factoring product to up to $5 million and increased the limit for its business line of credit product from $150,000 to $200,000.
BlueVine closed up to $130 million in new debt financing to enable the online invoice factoring lender to rollout new products.
BlueVine named Eric Sager, former head of sales at Square, as its chief revenue officer. BlueVine also increased its maximum credit lines to $500,000 for invoice factoring.
Before revolving credit, venture capital and equity investments, there was factoring. Today, the world’s oldest method of raising business capital has moved online. With the push of a button, companies can sell their accounts receivable and have funds in their accounts within hours. ABF Journal editor Nadine Bonner speaks with the owners of two fintech factoring companies and their clients to see how factoring has been revolutionized.
Fintech factor BlueVine has launched Flex Tech to offer small businesses a revolving line of credit. The company also hired former Google Capital manager Ana Sirbu as senior vice president of finance and strategy.
Online factor BlueVine closed $40 million in funding led by Menlo Ventures, with participation from Rakuten FinTech Fund, Lightspeed, 83North, Correlation Ventures and a new debt facility from Silicon Valley Bank.