BlueVine and Bullhorn Announce Strategic Initiative to Support the Growth of Small and Medium-Sized Staffing Agencies
BOSTON – JAN. 16, 2019 – BlueVine®, a leading provider of online invoice factoring to the staffing and recruiting industry, and Bullhorn®, the cloud computing company that helps staffing and recruiting organizations transform their businesses, have increased their commitment to fostering the growth of small and medium-sized staffing agencies through an innovative partnership. Enabling access to invoice factoring and business credit lines provided by BlueVine, Bullhorn’s small and medium-sized staffing firm customers can accelerate their business growth with fast and flexible access to working capital.
Many years of economic expansion have put financial strains on growing staffing firms, especially small and medium-sized firms that can be challenged with access to funding. Amid a fierce competition for talent, staffing firms are flourishing, but many smaller ones do not have access to the right resources to quickly secure financing to help grow their operations.
When staffing firms place candidates, they are typically required to cover payroll expenses for 30-60 days while awaiting payment against their outstanding invoices. To fund payroll, staffing firms have depended on a combination of banks, factoring companies, and payroll financing providers. However, financial technology companies have begun reinventing financial services for staffing firms. Leveraging deep investment in cutting-edge technology, these companies are redefining cost, speed, flexibility, and ease of use for an industry long accustomed to more offline and manual funding options.
“After years of time-consuming operational burden from using traditional invoice factoring for my firm, I needed a more streamlined solution to help me reach my business goals,” said Mike Smith, CleverTerra’s chief talent officer. “I turned to BlueVine and quickly secured funds to cover payroll, smooth cash flow, and evolve my practice. BlueVine is a great complement to Bullhorn, which I rely on to effectively manage my day-to-day operations. As a result, the BlueVine-Bullhorn partnership will be very helpful to my firm in achieving our next phase of growth.”
“With BlueVine, firms can receive fast and flexible access to financing that can help them power their next phase of growth,” said Nina Eigerman, Bullhorn’s vice president of alliances and business development. “At Bullhorn, our overwhelming focus is on helping our customers and providing them with an incredible experience as their long-term growth partners. This initiative delivers on that vision.
BlueVine provides online invoice factoring lines up to $5 million in available funding. Staffing firms can apply online in minutes and receive approvals quickly – typically within 24-48 hours. Once approved, clients are given the flexibility to decide which invoices they fund and when from BlueVine’s online dashboard. With low weekly rates, advances up to 90 percent, and same-day funding options available, BlueVine quickly helps staffing firms receive access to the financing that they need to manage cash flow and grow. There are no sign-up fees, no monthly minimums, and no cancellation fees.
“BlueVine is deeply dedicated to enabling the growth of small and medium-sized staffing agencies by providing working capital financing to business owners looking to simplify their cash flow and grow,” said Eyal Lifshitz, BlueVine’s CEO. “Partnering with Bullhorn furthers this mission. We share the same vision for creating incredible customer experiences by working directly with our customers to help them achieve their business goals. We’re looking forward to helping Bullhorn’s customers explore new options for fueling their growth through payroll financing and access to working capital.”
Bullhorn is the global leader in CRM and operations software for the recruitment industry. More than 8,000 staffing companies rely on Bullhorn’s cloud-based platform to drive sales, build relationships, and power their recruitment processes from end to end. Headquartered in Boston, with offices around the world, Bullhorn is founder-led and employs more than 900 people globally. To learn more, visit www.bullhorn.com or follow @Bullhorn on Twitter.
BlueVine is a leader in online invoice factoring and business credit lines for small and mid-sized companies. Tens of thousands of businesses rely on BlueVine to get fast and flexible access to working capital. Based in Redwood City, Calif., BlueVine has raised more than $500 million in equity and debt funding from leading investors, including Lightspeed Venture Partners, Menlo Ventures, 83NORTH, Silicon Valley Bank, Citi Ventures, M12 – Microsoft’s venture fund, and Nationwide. To learn more, visit www.bluevine.com/bullhorn.
Senior Media Relations Manager