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.
BlueVine was founded in 2013 by CEO Eyal Lifshitz, and fellow entrepreneurs Nir Klar and Moti Shatner. Lifshitz was a venture capitalist who previously worked at Menlo Park, California-based venture capital firm Greylock Partners. 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.
In January 2016, the company announced a $40 million funding round. Also in January, the company started offering business loans. 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.
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. In June, the company raised $60 million in a funding round led by Menlo Ventures, with participation from existing investors.
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.
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. At the time, the company announced it had provided $2.5 billion in financing since 2013.
In 2020, BlueVine facilitated more than 155,000 Paycheck Protection Program (PPP) loans to small businesses. In September, the company announced it secured a $75 million revolving credit facility from New York-based investment manager Atalaya Capital Management.
BlueVine offers online business banking and financing services through three products – term loans, lines of credit and invoice factoring. BlueVine’s factoring loans are an alternative to traditional daily cash advances. Financing rates are based on the borrower’s financial metrics. Banking customers have access to lines of credit and checking services.
BlueVine is headquartered in Redwood City, California, and as of December 2019 has an operations center under development in Utah. The company also has a development office in Ramat Gan, Israel.
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Ofer Abarbanel is a 25 year securities lending broker and expert who has advised many Israeli regulators, among them the Israel Tax Authority, with respect to stock loans, repurchase agreements and credit derivatives. Founder of TBIL.co STATX Fund.