FundThrough Buys BlueVine Invoice Factoring Division

FinTech FundThrough on Thursday (Jan. 13) announced it has acquired financial technology company BlueVine’s invoice factoring business, accelerating its strategic focus on embedded finance and its expansion efforts in the U.S., doubling the company’s American client base.

All employees in BlueVine’s invoice funding division will join FundThrough as part of the deal. FundThrough helps business leaders turn unpaid invoices into working capital, solving cash flow problems with fast payments.

“We are committed to helping small businesses grow and thrive — especially those who sell to large customers where long payment terms and a lack of financing options stand in the way of growing a business,” FundThrough Co-founder and CEO Steven Uster said in the announcement.

“BlueVine was one of our biggest competitors in the U.S. market, and through this acquisition we can fulfill our mission on a much larger scale,” he said. “We look forward to providing BlueVine’s invoice factoring clients with the same responsive, personalized customer service and seamless funding experience that FundThrough’s existing clients rely on and appreciate.”

FundThrough has grown 1,071% in the past three years and almost 300% since last year. It has funded thousands of B2B clients since the company was founded in 2014. The company has scaled to process more than $120 million per month and raised $25 million dollars in equity since its inception.

The acquisition of BlueVine’s invoice funding division is expected to more than double the number of funding transactions that FundThrough makes annually.

FundThrough cuts the average time of payment for business invoices from 60 days by almost 97 percent through its AI-powered funding platform, which generates automated offers, and partnerships with companies such as Intuit and Enverus.

“Since launching BlueVine, we’ve been focused on the financial needs of small businesses and are very proud of what we’ve been able to accomplish. As we evolve our products and services, we continuously examine how we can better serve our customers at scale,” says Eyal Lifsthiz, co-founder and CEO of BlueVine, in the announcement.

“We determined that FundThrough is perfectly positioned to serve our factoring clients with the care and individual attention they need and deserve,” he said. “Our factoring clients will be in great hands with FundThrough.”

Related: BlueVine Names David Quinn as CFO

In September, BlueVine on Thursday (Sept. 16) announced it has hired David Quinn as its new chief financial officer.