Israel-based online lender BlueVine Capital Inc. has announced a $60 million round E funding on Tuesday. The investment round was led by Menlo Park, California-based Menlo Ventures and participated by SVB Capital and existing investors.
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With this latest funding, investment in BlueVine has reached $128 million. The company also raised $500 million in credit lines, including a $200 million credit line from Credit Suisse, announced in May. Among BlueVine’s existing investors are Lightspeed Venture Partners, Israel-based venture capital firm 83 North, Citi Ventures, and Rakuten Capital's Rakuten Fintech Fund.
BlueVine offers small and medium-sized businesses capital financing, either by credit line or invoice factoring, which allows businesses to receive cash advances on outstanding invoices. BlueVine’s business model leans on its quick approval time—the company has developed an online platform where clients get approved for loans within 10 minutes.
Founded by Israeli entrepreneurs Eyal Lifshitz, Moti Shatner, and Nir Klar, the company currently employs 200 people in California and Israel. BlueVine is now looking to hire dozens of new employees to its Tel Aviv research and development center, currently employing a 70-person team.
Since its founding in 2013 and through the end of this year, BlueVine is expected to lend a total of more than $1 billion.
“The bigger we get, the more opportunities we identify,” Ido Lustig, BlueVine’s chief risk officer, told Calcalist. “These opportunities could be new products or strengthening our technology. We are big enough today for investors to look to us and let us make those large strides.”