ImpactAlpha, June 12 – BlueVine, a Bay Area-based small business lender, launched in 2013 to help businesses quickly secure loans to run and grow their businesses.
It offers loan products to meet operational and working capital needs and to cover short-term cashflow requirements between invoicing and payment. While BlueVine’s application process appears to simple and fast, its products aren’t always cheap: annual percentage rates start roughly on par with those on credit cards and can surpass 75%, according to a NerdWallet review. The company nevertheless expects to surpass the $1 billion lending mark this year.
Debt and equity… BlueVine recently raised a $200 million debt round from Credit Suisse. Its latest equity raise, a $60 million Series E, was backed by Menlo Ventures and SVB Capital and will support new product development. The company has raised almost $600 million in debt and equity since it launched.
