附近上门

Fintech startup has raised $102.5 million in a new round of equity funding, the company announced Tuesday.

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BlueVine, which is based in Redwood City, gives financing options for small businesses, including term loans and lines of credit. Most recently in October, the that it was offering checking accounts for small businesses. The account includes 1 percent interest and does not have monthly fees. That鈥檚 better than typical checking account interest rates at traditional banks, but not as high as other similar fintech offerings: Robinhood鈥檚 upcoming cash management feature, for example, has 1.8 percent interest.

While the company serves small businesses with different forms of financing, it is not a bank. Lines of credit and term loans are issued by through its partnership with BlueVine, while the checking account offering if backed by .

鈥淲e鈥檙e going to be using the funding to continue to build this out. We鈥檙e offering a checking account product with a lot of the functionalities that go with that,鈥� BlueVine CFO said in an interview with 附近上门 News.

鈥淲e鈥檙e going to be focused on鈥� using the funding to really launch and scale this product and launch and scale other products,鈥� she added, declining to specify what other products are in the works.

The new round brings BlueVine鈥檚 total funding to more than , including debt financing, according to 附近上门. The round was led by with participation from other major existing investors like and .

BlueVine last raised money in July 2018, when it brought in $12 million for its .

The company has served more than 20,000 small businesses to date, Sirbu said, and it has 鈥渢hree digit million revenues鈥� on an annual basis (we鈥檙e presuming that means nine-figure revenue, or upwards of $100 million). BlueVine is more than doubling revenue every year–a good sign, as investors like to see revenue growth upwards of 100 percent.

The company is one of many in the fintech space, a growing sector 附近上门 News wrote about just last week. We have a feeling we won鈥檛 be done writing about this area for a while.

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