Microsoft, Citi Back Online Lender BlueVine Again in $102.5 Million Round
Redwood City, California-based BlueVine offers capital financing to small and medium-sized businesses
Online lender BlueVine Capital Inc. has raised a $102.5 million funding round, the company announced Tuesday. The round was led by ION Crossover Partners with participation from existing investors Citi Ventures, Microsoft’s venture fund M12, Lightspeed Venture Partners, Menlo Ventures, 83North, SVB Capital, and Nationwide. The round also included new investors MUFG Innovation Partners Co. Ltd., the tech investment arm of Israeli-born business magnate Eyal Ofer's Ofer Global group, O.G. Tech Partners, Vintage Investment Partners, ION Group, and Maor Investments.
Founded in 2013, BlueVine offers capital financing to small and medium-sized businesses. BlueVine’s business model leans on its quick approval time—the company promises an online service where clients get approved for loans within 10 minutes. The company has raised $242.5 million to date, including a $72 million round in July.
The company intends to use the funding to further develop its banking service and to grow the BlueVine team, including hiring dozens of developers and engineers for its research and development office in Tel Aviv. The company currently employs a team of 316 people, 110 of whom are based in Israel.
Based in Redwood City, California, BlueVine has provided small and medium-sized businesses with more than $2.5 billion in financing to date, according to company statements.