REDWOOD CITY, Calif., Sept. 09, 2020 (GLOBE NEWSWIRE) -- BlueVine, the leading provider of small business banking, today announced it has secured a $75 million revolving credit facility from funds managed by Atalaya Capital Management, a private credit and special opportunities investment manager based in New York. BlueVine will leverage the capital to expand its best-in-class, flexible Line of Credit lending solution.
The new financing underscores Atalaya’s confidence in BlueVine’s ability to underwrite and service small and medium businesses in uncertain times.
BlueVine has also had recent success in providing more than 155,000 small business owners with $4.5 billion in Coronavirus pandemic financial relief loans through the Paycheck Protection Program (PPP).
“With this latest funding from Atalaya, BlueVine is poised for continued growth to support small business owners with the working capital they need during unprecedented times of uncertainty,” said Eyal Lifsthiz, CEO of BlueVine. “More than ever we are committed to providing U.S. small businesses with reliable banking and financing built for them as they recover and look toward future growth.”
The latest funding builds on an existing partnership between the two companies with Atalaya also serving as a lender for BlueVine’s industry leading online invoice factoring product.
“Atalaya is very pleased to assist in BlueVine’s growth and to support small businesses as they navigate the challenging market environment,” said Raymond Chan, a Partner at Atalaya Capital Management. “Atalaya has long respected BlueVine’s commitment to helping small businesses and is excited to expand our partnership and grow together over the next several years.”
In addition to expanding its lending resources to support small business customers, BlueVine also recently opened a Salt Lake City, Utah Office focused on customer service initiatives. The office will provide access to fast-acting and knowledgeable customer support representatives, who are more critical than ever to many small business owners seeking immediate assistance to make critical banking and financing decisions during these trying times.
BlueVine customer service representatives provide expert knowledge and guidance across all of the company’s products, including lending solutions and the recently launched BlueVine Business Banking. To learn more about the industry’s first checking solution build specifically for small businesses, or to sign up for an account, visit: https://www.bluevine.com/checking/.
For more information on BlueVine's Line of Credit solution and its U.S. office locations, please visit https://www.bluevine.com/.
About BlueVine
BlueVine provides small- and medium-sized businesses with fast and simple access to financial services built with them in mind. BlueVine’s advanced online platform is intuitive and offers a convenient solution for business’ banking and working capital needs. BlueVine offers a suite of products designed to meet the diverse financial needs of today’s business owners including BlueVine Business Checking, Line of Credit, Term Loan, and Invoice Factoring. Based in Redwood City, California, BlueVine has provided small and medium-sized businesses with access to more than $6.5 billion in financing and is backed by leading private and institutional investors, including Lightspeed Venture Partners, Menlo Ventures, 83North, Citi Ventures, SVB Capital, Rakuten, Nationwide Insurance, and M12 (Microsoft’s Venture Arm). All lines of credit and term loan products are issued by Celtic Bank, a Utah-chartered Industrial Bank, Member FDIC.
For more information, please visit https://www.bluevine.com/ or follow us on LinkedIn and Twitter.
About Atalaya Capital Management
Atalaya Capital Management is a privately held, SEC-registered, alternative investment advisory firm. Atalaya primarily focuses on making private credit and special situation investments in three principal asset classes –specialty finance, real estate and corporate. Founded in 2006, Atalaya is headquartered in New York City and has more than $5 billion in assets under management. For more information visit https://www.atalayacap.com/.
Media Contacts:
Christina Cole
Head of Communications, BlueVine
650-252-1980
press@BlueVine.com
Ali Mapplethorpe
Highwire PR for BlueVine
415-675-1457
BlueVine@highwirepr.com
Disclosures:
Bank Account Services provided by The Bancorp Bank. Your deposits are FDIC insured up to a maximum of $250,000 through The Bancorp Bank; Member FDIC. The BlueVine Mastercard Debit Card is issued by The Bancorp Bank pursuant to a license from Mastercard International Incorporated and may be used everywhere Debit Mastercard is accepted.