Israeli Fintech Startup BlueVine Raises $40M

January 25, 2016 | Israeli fintech startup BlueVine has closed $40 million in a Series C financing round, bringing the company’s total funding to $64 million to date. The investment was led by Menlo Ventures, with participation from new investor Rakuten FinTech Fund, and follow-on investments from Lightspeed Venture Partners, 83North, Correlation Ventures and private investors, as well as a new debt facility from Silicon Valley Bank. Headquartered in Palo Alto, California and with offices in Tel Aviv, BlueVine was founded by CEO Eyal Lifshitz and CTO Nir Klar in 2013 to give small businesses an advance on their invoices, freeing up their cash to meet payroll, buy supplies and expand their business. The company saw a twelvefold increase in funded invoices in 2015, and is on track to fund more than $200 million in working capital in the next year. Since launching in March 2014, BlueVine’s cloud-based invoice factoring service has helped thousands of small businesses obtain quick, easy access to funds they need to purchase inventory, cover expenses or expand operations.