Bluevine Increases Bank Account Deposit Protection Up To 12x The Standard Coverage
JERSEY CITY, N.J., September 5, 2023 – Bluevine, the one-stop digital banking platform specifically designed for small businesses, today announced expanded FDIC insurance coverage of up to $3 million through Coastal Community Bank, Member FDIC, and program banks in a sweep network, automatically offering Bluevine account holders coverage of up to 12x the industry standard of $250,000. The sweep network, made up of seventeen FDIC member banks, will disperse Bluevine customers’ deposits across those program banks, while still providing uninterrupted access to all their funds within their Bluevine Business Checking account. Customers will continue to earn Bluevine’s industry-leading 2.0% interest rate on balances up to and including $250,000, with the peace of mind that their cash assets are protected.
“Our core mission at Bluevine is to make the financial operations of business owners easier, and offering enhanced protection on cash assets is an essential piece of that puzzle,” said David Quinn, CFO of Bluevine. “By spreading money across banks in a sweep network, Bluevine customers can benefit from expanded insurance coverage of their deposits without needing to manage multiple banking relationships themselves. Now, business owners with large balances can spend less time worrying about the security of their money, and more time scaling and growing.”
Bluevine customers will be automatically granted the additional FDIC insurance coverage that comes with the sweep network, but will have the ability to opt-out at any time. This new benefit follows several recent Bluevine releases that enhance the banking experience for small businesses. Notably, the company recently embedded accounts payable capabilities directly into its banking platform, giving small business owners and their teams sophisticated and streamlined bill management, automation, user access control, and enhanced payment capabilities. The company also recently added an international payments and FX solution in partnership with Wise, making international payments more convenient, simple, and transparent as small businesses continue to operate more globally with vendors, customers, and partners.
To learn more about Bluevine’s expanded FDIC insurance coverage through the sweep network, please visit Bluevine’s website or blog.
About Bluevine
Bluevine provides a one-stop digital banking platform specifically designed for small businesses. Since launching in 2013, Bluevine’s innovative and intuitive products, including business checking, integrated accounts payable, and lines of credit, have helped over 500,000 business owners save time and money so they can focus on what matters most: growing their business.
Bluevine is backed by leading private and institutional investors, including Lightspeed Venture Partners, Menlo Ventures, 83North, Citi Ventures, ION Crossover Partners, SVB Capital, Nationwide Insurance, and M12 (Microsoft’s Venture Arm). Bluevine is a financial technology company, not a bank. Banking Services provided by Coastal Community Bank, Member FDIC. Lines of credit are issued by Celtic Bank, a Utah-chartered Industrial Bank, Member FDIC. For more information, please visit bluevine.com or follow us on LinkedIn, Instagram, Facebook, and Twitter.
Media Contact:
Kevin McLaughlin
Senior Director, PR & Communications
press@Bluevine.com