BlueTarp Raises $14 Million Venture Financing

Matt Wickenheiser writes in the Portland (Maine) Press about purchasing card provider BlueTarp Inc.'s recent $14 million venture capital financing.

BlueTarp's business is this: It takes over the trade-credit business for building-materials suppliers. Typically, building contractors have a credit line with a hardware store, or several stores. The stores must manage those accounts receivable.

BlueTarp has made the whole system electronic. It also organizes the purchases in such a way that contractors can track their expenses, even nailing down how much they spent on materials each day on separate jobs. BlueTarp collects a tiny percentage from each transaction.

Former Concord EFS, Bank of America and Visa USA executive Bond Isaacson recently joined BlueTarp as CEO.