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- purple grapes vineyard napa valley napa vineyard 45209 150x150 - Digital SME Lender BlueVine Doubles Line of Credit | Bank Innovation

EXCLUSIVE – business lender BlueVine has doubled its invoice financing line to up to $5 million as well as increased its business line of to $200,000, Bank  has learned.

Based in Redwood City, Calif., BlueVine serves small businesses, typically those with at least 5-to-10 employees and an average revenue range between $600,000 and $700,000. Its two core products are a line of credit and invoice factoring, wherein a business sells its accounts receivables.

The company provides a revolving line of credit through what it calls FlexCredit. This means customers can access the credit continually without having to repeatedly apply for a new loan. The funds can be used in part or in full. The amount can be paid back in full or in installments. SMEs typically use these funds for payroll, buying supplies and inventory, among other things.

So far, the company has originated at least $500 million in loans — read about that here.

Yesterday, BlueVine opened an office in Jersey City, N.J. The company also has offices in New Orleans and Tel Aviv, Israel.

Last year, it secured a warehouse credit line of up to $75 million from Fortress Credit . Prior to that in 2016, it raised a total of $49 million in capital from a group of investors, Rakuten’s financial startup fund, Silicon Valley Bank, Lightspeed Venture Partners, CitiVentures, 83North and Menlo Ventures.

To learn more about online lending, join us on March 5-6, at the Parc 55 in San Francisco for Bank Innovation . Click here to request an invitation.

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