Bluevine Increases Maximum Credit Lines to $500,000 for Invoice Factoring and $50,000 for Flex Credit
PALO ALTO, Calif.–(BUSINESS WIRE)–Bluevine, a leading online provider of everyday financing to small businesses, today announced the appointment of Eric Sager, formerly the head of sales at Square, as its chief revenue officer. Sager will be responsible for driving scalable and sustainable revenue growth for Bluevine in this newly created executive position.
At Square, Sager was the head of sales, leading Square’s efforts to acquire upmarket customers. He previously led the company’s growth and retention teams. Prior to his time at Square, Sager was a principal with Bain & Company, where he focused on a variety of projects across the technology, private equity and financial services sectors. He started his career as a senior business analyst at Capital One.
“I’ve spent my career working to help small businesses succeed, and one of the main things I’ve seen small business owners struggle with time and again is access to timely and cost-efficient working capital,” said Sager. “I believe Bluevine is uniquely positioned to help solve this issue for many businesses, and I’m excited to be part of a great team making that happen.”
“We’re thrilled to welcome Eric to our executive team at a time of rapid growth and accelerating demand for Bluevine’s financing products,” said Eyal Lifshitz, founder and CEO of Bluevine. “Eric has a proven track record leading teams in high performance companies and driving sustained growth. His leadership will prove instrumental as we seek to solve working capital challenges for more and more businesses.”
Bluevine also announced it has increased its maximum credit lines for qualified businesses to $500,000 from $250,000 for invoice factoring, and to $50,000 from $30,000 for Flex Credit, a revolving business line of credit. Bluevine has helped thousands of small businesses solve working capital challenges through quick, easy access to funds. The company is currently on track to fund $200 million in working capital in 2016.
Bluevine offers small businesses fast, simple, and flexible financing solutions to access the funds they need to purchase inventory, cover expenses or expand operations. Bluevine was the first factoring company to develop a fully online, cloud-based platform for invoice factoring, enabling rapid advances on outstanding invoices due in 7-90 days and bringing a 4,000-year-old industry into the digital age. Bluevine also offers Flex Credit — an on-demand, revolving line of credit — through the same online platform. With Bluevine, business owners can focus on growing their business instead of worrying about their bank account.
Bluevine is funded by Lightspeed Venture Partners, 83NORTH, Correlation Ventures, Menlo Ventures, Rakuten Fintech Fund and other private investors.