FundThrough Buys BlueVine’s Invoice Factoring Business
Leading AI-powered invoice funding platform, FundThrough, acquired the invoice factoring business of fintech company BlueVine.
The move accelerates FundThrough's expansion efforts in the US market, doubling its customer base. With BlueVine’s invoice factoring business, FundThrough has now established itself as the biggest AI-powered invoice funding platform in North America.
The company will keep all of BlueVine’s invoice funding sector employees as a part of the transaction. And with the new workforce, clients, and fresh ideas, the company’s ambitious vision of being included within the workflow of B2B marketplaces is now within reach.
In a press release, co-founder and CEO of FundThrough Steven Uster underscored the company’s commitment “to helping small businesses grow and thrive – especially those who sell to large customers where long payment terms and a lack of financing options stand in the way of growing a business.”
“BlueVine was one of our biggest competitors in the U.S. market, and through this acquisition, we can fulfill our mission on a much larger scale. We look forward to providing BlueVine’s invoice factoring clients with the same responsive, personalized customer service and seamless funding experience that FundThrough’s existing clients rely on and appreciate,” Uster added.
FundThrough is focused on helping small businesses deal with cash flow issues. This is the biggest challenge for business owners who report waiting an average of 60 days for their customers to settle their invoices. But thanks to FundThrough’s innovative invoice funding tools, waiting times are shortened by 97%.
Its former rival, BlueVine, is a one-stop-shop for business banking that offers financial services to small and medium-sized business owners. It offers a full suite of flexible funding solutions, fast credit decisions, hassle-free bill payments, and many other features. With all its products combined, the California-based BlueVine provided small and medium-sized businesses with more than $14 billion in financing.
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