FundThrough, a financial technology platform, has announced that it has acquired the invoice factoring business of financial technology company BlueVine.
The acquisition fast tracks the company’s strategic focus on embedded finance and its expansion efforts in the U.S. market, doubling the number of U.S. clients that will rely on FundThrough to turn unpaid invoices into working capital. All BlueVine invoice funding division employees are joining FundThrough as part of the transaction.
According to FundThrough client data, small businesses wait 60 days on average for customers to pay their invoices. FundThrough addresses this issue through its AI-powered funding platform, which generates automated offers for a seamless onboarding and funding experience. Through its technology, along with key partnerships with companies such as Intuit and Enverus, FundThrough cuts that waiting time by 97 percent to accelerate access to cash flow for small businesses.
The additional scale from new channel partnerships and relationships acquired through BlueVine — including all BlueVine factoring partners, who have now transitioned to FundThrough — will fuel FundThrough’s goal of being included within the workflow of B2B marketplaces, ecosystems, and apps where suppliers can request instant payment of their large customer invoices without leaving the workflow. This gives suppliers more opportunities to boost their cash flow, and levels the playing field for small businesses.
“We are committed 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,” says Steven Uster, co-founder and CEO of FundThrough. “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.”
“Since launching BlueVine, we’ve been focused on the financial needs of small businesses and are very proud of what we’ve been able to accomplish. As we evolve our products and services, we continuously examine how we can better serve our customers at scale,” says Eyal Lifsthiz, co-founder and CEO of BlueVine. “We determined that FundThrough is perfectly positioned to serve our factoring clients with the care and individual attention they need and deserve. Our factoring clients will be in great hands with FundThrough.”
