BlueVine is looking to expand its financing services beyond factoring and has taken a step away from invoice financing with the launch of Flex Credit.
The new product, announced on Thursday (April 7), emerged from beta phase to allow small and medium-sized enterprises to access a revolving line of business credit. The offering can bring SMEs between $5,000 and $30,000 in financing, the firm said.
“Since pioneering online invoice factoring, we’ve gained remarkable traction and are currently on track to fund more than $200 million in working capital in 2016,” said CEO and Founder Eyal Lifshitz in a statement. “This platform expansion will continue to fuel that growth by allowing us to serve both B2B and B2C businesses. Businesses can now draw funds from our fast and flexible line of credit whenever the need arises.”
But an expansion beyond its staple invoice financing service does not likely mean BlueVine will ditch the factoring industry anytime soon.
In a recent interview with PYMNTS, Lifshitz explained that while factoring has been around for thousands of years, it is only recently getting the attention of innovators and disruptors. The executive explained the role of data analytics in providing invoice financing to businesses, as well as its ability to service SME customers entirely online, as key ways invoice financing can modernize to serve small business financing needs today.
BlueVine raised $40 million in Series C funding this year led by an array of backers, including Rakuten FinTech Fund, Lightspeed Venture Partners and others.
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