Menlo leads $60 mln funding of fintech company BlueVine

Redwood City, California-based BlueVine, which provides financing to small and medium-sized businesses, announced that has raised $60 million in equity funding. The Series E funding round was led by Menlo Ventures, and includes new investors, such as SVB Capital. The company, which has raised more than $500 million in debt and equity since it was founded in 2013, said all major existing investors also participated in the round. The new financing will support BlueVine’s plan to expand its highly-successful invoice factoring and business line of credit products, and to explore new products catering to small and medium-sized businesses. BlueVine also plans to use the funding to accelerate R&D hiring.

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