Citi Ventures has invested an undisclosed amount in the online business lender BlueVine.
The Palo Alto, Calif., startup plans to use the investment to help build out its cloud-based factoring platform for small businesses and expand into new market segments, it said in a news release Wednesday. BlueVine offers credit lines to small businesses seeking advances on invoices due in seven to 90 days.
The startup is "setting the industry standard in providing expanded access to capital on an easy-to-use digital platform," by addressing pain points like cash flow management, Arvind Purushotham, managing director and co-head of venture capital at Citi Ventures, the venture investing arm of Citigroup, said in the release.
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BlueVine, an online business lender based in Palo Alto, Calif., is branching into unsecured lending.
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BlueVine, a Palo Alto, Calif., firm that is aiming to modernize the invoice-financing business, announced a new fundraising round on Wednesday.
January 20
Earlier this year BlueVine closed a $40 million funding round led by Menlo Ventures. It is on track to fund more than $200 million in working capital in 2016, it said in the release.
