SME financer BlueVine picks up $49m

SME financing startup BlueVine has scored $49m in a Series D round of funding from its existing investors.

These backers include Lightspeed Venture Partners, Menlo Ventures, 83North, Citi Ventures, Rakuten FinTech Fund and Silicon Valley Bank.

The Redwood City-based startup offers small business financing through invoice factoring as well as a line of credit product.

It aims to brings greater flexibility and transparency to the process through its online platform.

The firm says it will use the capital to expand its team and add new product offerings.

It aims to finance small businesses with $500m in working capital next year.

BlueVine claims it saw invoice factoring increase from $250,000 to $2m this year while its line of credit business grew from $50,000 to $100,000.

The company says it is increasing its maximum credit lines in response to customer demand.

BlueVine took on $40m in a Series C round led by Menlo Ventures in January as well as an undisclosed investment from Citi Ventures.

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