This brings BlueVine's total capital raised to $240 million. Founded in 2013, BlueVine offers small businesses multiple credit options, including revolving lines of credit and invoice factoring, in addition to its new banking services.
"The fundraise is holistically to enable this company to get to a scale where it could be a large, publicly traded fintech company," Tyler Sosin, a partner at Menlo Ventures, told Business Insider. Menlo also has investments in fintechs like robo-advisor Betterment and neobank Chime. BlueVine will continue to develop the credit side of its business alongside its new bank, said Sosin.
Silicon Valley Bank , a BlueVine investor, has been providing small business banking for 35 years, and 50% of all venture capital-backed tech and life science companies in the US bank with them, according to its website.told Business Insider
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