Small business online lending platform BlueVine announced a $102.5 million funding round and plans to expand its presence in the small and medium-sized business (SMB) banking market.
In a press release Tuesday (Nov. 19), BlueVine revealed ION Crossover Partners led the series F equity financing round, which also saw participation from Lightspeed Venture Partners, Menlo Ventures, 83North, SVB Capital, Nationwide, Citi Ventures, M12 and private investors.
A series of new investors also participated, the press release said, and include MUFG Innovation Partners, O.G. Tech, Vintage Investment Partners, ION Group, Maor Investments and other private backers.
BlueVine plans to deploy the funding to develop BlueVine Business Banking, an expansion of its small business financing offering. The initiative includes the creation of a banking platform with small business checking account services integrated with BlueVine’s existing SMB financing products. The platform will also connect businesses to the BlueVine Business Debit Mastercard.
Funding will be used to integrate BlueVine’s invoice factoring, line of credit and term loan products into the banking platform. BlueVine said it also plans to grow its team with a focus on hiring in the engineering, product and revenue departments.
The company first announced its plans to expand into small business banking in October with the launch of the BlueVine Checking Account.
“The recent launch of BlueVine Checking demonstrates our commitment to revolutionize banking for small business owners with a full suite of services designed specifically to meet their unique needs,” said BlueVine CEO and Co-Founder Eyal Lifshitz. “This funding further validates our mission and will help democratize true business-grade banking for small businesses who have been underserved for so long.”
ION Crossover Partners partner Jonathan Kolodny said there is an “economic need” for BlueVine’s small business banking services.
“We believe the company is exceptionally well-positioned, thanks to its world-class management team, to change the way small businesses manage their financial needs today and in the future,” he said.
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