BlueVine, an Israeli-U.S. startup that offers online loans to small businesses, said on Wednesday it had raised $49 million in new capital from investors, less than a year after its last fundraising round of $40 million in January.
The capital all came from existing investors Lightspeed Venture Partners, Menlo Ventures, 83North, Citi Ventures, Rakuten FinTech Fund and Silicon Valley Bank. It was the fourth fundraising round for the company since it was formed in 2013 by CEO Eyal Lifshitz and two others and brings total capital it has secured to $119 million.
The company, which didn’t reveal the valuation at which it raised its most recent capital, employs 93 people at its Palo Alto, California headquarters and in its Tel Aviv research and development center.
With the new funding, BlueVine said it would be taking on new hires and adding new product offerings. According to the company, it is expecting to provide more than $500 million in working capital financing to small businesses in 2017.
BlueVine specializes on a kind of factoring, in which a business sells it accounts receivable, allowing them to better manage their cash flow. Businesses can receive credit lines of between $5,000 and $50,000 through BlueVine.