BlueVine, an online small business lender based in Redwood City, Calif., said Wednesday that it has closed a $49 million funding round.
The Series D round includes an undisclosed mix of debt and equity funding. It was led by Lightspeed Venture Partners, Menlo Ventures, Citi Ventures, Silicon Valley Bank and other existing investors, the company said in a press release.
BlueVine, which launched in 2014, offers two small-business finance products. One is a business line of credit, which is available from $5,000 to $100,000. The second product enables small businesses to pay a fee to receive, on an expedited basis, money they are owed by other businesses.
In a 2015 interview, BlueVine CEO Eyal Lifshitz said that the company's cloud-based service is far more streamlined than the process used by older competitors. In essence, the firm is seeking to update the invoice financing business for the digital age.
BlueVine said Wednesday that the new funding will support the company's growth, both in terms of staffing and product offerings.
