BlueVine announced today that it has secured a warehouse credit line of up to $75 million from Fortress Credit Corp. and/or funds managed by affiliates of Fortress Investment Group LLC.
The financing will allow BlueVine to expand its fast-growing line of credit financing solution called Flex Credit and enhance the FinTech pioneer’s ability to help business owners meet their working capital needs.
“Our team is passionately working to make everyday financing faster, simpler and more flexible for our small business customers,” Ana Sirbu, BlueVine’s vice president of finance and capital markets, said. “We are thrilled to receive this funding from Fortress and accelerate into our next stage of growth.”
Founded in 2013, BlueVine offers business owners convenient access to capital for their everyday funding needs through a sophisticated online financing platform.
BlueVine expanded its reach last year with the introduction of Flex Credit, an on-demand revolving business credit line of up to $100,000. Flex Credit has become an exceptionally popular BlueVine financing option and is expected to grow more than four times in 2017.
BlueVine is best known as the pioneer of online invoice factoring, which allows businesses to turn their unpaid invoices into working capital. BlueVine offers a factoring credit line of $20,000 to $2 million and is the only company providing a completely online, cloud-based invoice factoring service.
“We are building a business for the long term, and we continuously strive to offer our customers the best working capital financing products,” Sirbu also said.
The financing from Fortress comes on the heels of a phenomenally strong 2016 for BlueVine.
The company funded around $200 million in working capital for small and medium-sized businesses last year, and is on track to fund approximately $500 million in 2017. BlueVine also capped 2016 by announcing a $49 million Series D funding round.
The BlueVine financing agreement with Fortress was negotiated with the assistance of the law firm Manatt, Phelps & Phillips, LLP.