Home / Business and Economy / BlueVine Secures $18.5M to Modernize Small Business Factoring
BlueVine Secures $18.5M to Modernize Small Business Factoring
21 Apr
Summary
- BlueVine offers invoice factoring, providing up to 85% of invoice value upfront.
- The company secured $18.5 million in Series B funding for expansion.
- New VP of Risk Management joins from PayPal to bolster security.
BlueVine has successfully raised $18.5 million in its Series B funding round, an investment poised to accelerate its growth in the fintech sector. The company specializes in modernizing invoice factoring, a critical service for small and medium-sized businesses struggling with delayed payments from larger clients.
This new capital injection will primarily support expanded sales and marketing efforts, an increase in operational headcount, and the exploration of new industry verticals. BlueVine also aims to integrate more software solutions to enhance its service offerings.
To further strengthen its operations, BlueVine has welcomed Ido Lustig, formerly of PayPal, as its new vice president of risk management. This strategic hire underscores the company's commitment to robust risk assessment and security.
Since its launch in March 2014, BlueVine has processed thousands of invoices, offering lines of credit ranging from $5,000 to $50,000, with plans to increase this to $100,000 by the end of the year.
