Small business banking services provider BlueVine has secured $102.5m investment in a Series F equity funding round led by ION Crossover Partners.

ION was joined in the fundraising by all major existing backers. Several new investors including MUFG Innovation Partners, Vintage Investment Partners, ION Group and Maor Investments, among others, also joined.

The proceeds will be used to further scale up the BlueVine Business Banking platform with new features. The plan includes integrating with existing working capital solutions, such as Line of Credit, Invoice Factoring and Term Loan.

Additionally, the funding will support BlueVine in strengthening its engineering, product and revenue units with new recruits.

ION Crossover Partners partner Jonathan Kolodny said: “BlueVine has demonstrated a track record of success with their multiple financing products and set themselves apart with their vision of a complete platform of innovative banking products for small businesses.

“We’ve been following the company closely since its early days, and have witnessed the demand, and frankly the economic need, for BlueVine’s banking services.”

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Founded in 2013, BlueVine offers small and medium-sized businesses with access to banking and capital financing services.

Last month, it added business checking account to BlueVine Business Banking platform with zero monthly fees and 1% interest.

The offerings also include a Mastercard business debit card.

BlueVine CEO and co-founder Eyal Lifshitz said: “The recent launch of BlueVine Checking demonstrates our commitment to revolutionise banking for small business owners with a full suite of services designed specifically to meet their unique needs.

“This funding further validates our mission and will help democratise true business-grade banking for small businesses who have been underserved for so long.”