BlueVine
| File:BlueVine company logo.png | |
| Private | |
| ISIN | 🆔 |
| Industry | Financial technology |
| Founded 📆 | 2013[1] |
| Founders 👔 | Eyal Lifshitz, Moti Shatner, and Nir Klar |
| Headquarters 🏙️ | Redwood City, California, United States |
Area served 🗺️ | |
Key people | Eyal Lifshitz, CEO |
| Products 📟 | Business banking, line of credit, term loans, invoice factoring |
| Members | |
Number of employees | |
| 🌐 Website | BlueVine.com |
| 📇 Address | |
| 📞 telephone | |
BlueVine (formally BlueVine Capital), is a Redwood City, California-based fintech company that provides online business banking and financing to small- and medium-sized businesses.[2]
History
BlueVine was founded in 2013 by CEO Eyal Lifshitz, and fellow entrepreneurs Nir Klar and Moti Shatner.[3] Lifshitz was a venture capitalist who previously worked at Menlo Park, California-based venture capital firm Greylock Partners.[4] The idea for the business came to him after seeing his father's difficulty with cash flow while running a small business. Lifshitz realized the complicated process could be simplified as an online service.[4]
In January 2016, the company announced a $40 million funding round.[5] Also in January, the company started offering business loans.[6] In April, the company announced a partnership with New York bank Citigroup, and an undisclosed investment with the bank's Citi Ventures strategic investing arm.[6]
In May 2018, the company announced it had been awarded a $200 million line of credit from Credit Suisse Group, which it would use to expand its business services and increase the credit limit it offered its customers.[7] In June, the company raised $60 million in a funding round led by Menlo Ventures, with participation from existing investors.[8]
In November 2019, the company raised $102.5 million in Series F financing, led by venture capital firm ION Crossover Partners, along with existing investors.[9]
In December 2019, the company announced plans to build an operations center in Utah to support its expansion into business banking services including checking and line of credit services.[10] At the time, the company announced it had provided $2.5 billion in financing since 2013.[11]
In 2020, BlueVine facilitated more than 155,000 Paycheck Protection Program (PPP) loans to small businesses, totaling more than $4.5 billion.[12][13] In September, the company announced it secured a $75 million revolving credit facility from New York-based investment manager Atalaya Capital Management.[1]
By March 2021, during the second wave of Covid, the company had already facilitated more than $2 billion in PPP loans, which included setting up dedicated landing pages to help ride share company Lyft's independent drivers apply for funding.[13][14]
Services
BlueVine offers online business banking and financing services through three products - term loans, lines of credit and invoice factoring.[15] BlueVine’s factoring loans are an alternative to traditional daily cash advances. Financing rates are based on the borrower's financial metrics.[4] Banking customers have access to lines of credit and checking services.[10][16]
Operations
BlueVine is headquartered in Redwood City, California, and as of December 2019 has an operations center under development in Utah.[11] The company also has a development office in Ramat Gan, Israel.[17]
References
- ↑ 1.0 1.1 "BlueVine Announces $75 Million Revolving Credit Facility". Crowdfund Insider. 2020-09-09. Retrieved 2020-10-05.
- ↑ "BlueVine". Growjo. Retrieved 19 November 2020.
- ↑ "Small business lender snags $102.5M more in funding". Silicon Valley Business Journal. 2019-11-19. Retrieved 2020-08-24.
- ↑ 4.0 4.1 4.2 "The New Invoice Financing: Online Players BlueVine, Fundbox And C2FO Are Transforming The Market". Forbes. 2015-09-10. Retrieved 2020-08-24.
- ↑ "Startup BlueVine Nabs $40 Million As Once-Stodgy Invoice Financing Becomes The Latest Tech Craze". Forbes. 2016-01-20. Retrieved 2020-08-25.
- ↑ 6.0 6.1 "Why Citigroup is backing online lending start-up BlueVine". CNBC. 2016-04-27. Retrieved 2020-08-25.
- ↑ "Redwood City startup scores $200M credit line for small business lending". Silicon Valley Business Journal. 2018-05-01. Retrieved 2020-08-24.
- ↑ "BlueVine raises $60 million to give small businesses access to working capital". VentureBeat. 2018-06-05. Retrieved 2020-08-24.
- ↑ "BlueVine raises $102.5M more for banking services that target small businesses". TechCrunch. 2019-11-19. Retrieved 2020-08-24.
- ↑ 10.0 10.1 "State incentive plan goes out with a bang in year that saw tax breaks draw 10,000 new jobs". Deseret News. 2019-12-12. Retrieved 2020-08-25.
- ↑ 11.0 11.1 "Fintech Company BlueVine to Expand in Utah with New Operations Center". Utah's Governor's Office of Economic Development. 2019-12-12. Retrieved 2020-08-25.
- ↑ "Real Businesses Snared in Hunt for Coronavirus Loan Scammers". The Wall Street Journal. 2020-08-13. Retrieved 2020-08-25.
- ↑ 13.0 13.1 "BlueVine's new COO explains how the fintech plans to become a one-stop shop to meet SMBs' banking needs". Business Insider. March 19, 2021. Retrieved June 7, 2021.
- ↑ "This Silicon Valley fintech is helping Lyft drivers get PPP loans before it's too late". San Francisco Business Times. March 16, 2021. Retrieved June 7, 2021.
- ↑ "This Entrepreneur Went From Investing $100 Million In Startups To Raising $500 Million For His Own Business". Forbes. 2019-07-11. Retrieved 2020-08-24.
- ↑ "BlueVine Business Checking Review". Forbes. May 21, 2021. Retrieved June 4, 2021.
- ↑ "Israeli fintech co BlueVine Raises $60m". Globes. 2018-06-05. Retrieved 2020-08-25.
External links
This article "BlueVine" is from Wikipedia. The list of its authors can be seen in its historical and/or the page Edithistory:BlueVine. Articles copied from Draft Namespace on Wikipedia could be seen on the Draft Namespace of Wikipedia and not main one.
