MONEY 20/20 USA – OCTOBER 28, 2019 – Bluevine, a leader in providing access to online working capital for small businesses, today announced the launch of Bluevine Business Banking, a new banking service built specifically for small businesses. Bluevine Business Banking simplifies and enhances the banking experience for today’s small businesses by providing a smart, easy-to-use dashboard and Bluevine Business Debit Mastercard® to manage everyday finances along with 1.0% interest on their balance and zero monthly feesBVSUP-00005.
“Historically, banks have under-invested in small businesses and as a result, small businesses have been left with products and services that don’t meet their needs,” said Eyal Lifshitz, CEO and co-founder of Bluevine. “With our single, obsessive focus on small businesses since our founding in 2013, we understand how small businesses operate and created Bluevine Business Banking to help them bank with ease.”
Banking Designed for Everyday Small Business Needs
According to a recent Bluevine study, only 9% of small business owners feel that their current bank meets all of their needs. Small businesses have succumbed to using banking services that don’t fully help them manage their cash flow. Bluevine Business Banking addresses these pain points and more with key features including:
- One of the nation’s highest yield business checking accounts giving business owners 1.00% back on their balance over $1000.
- Unlimited number of transactions with zero monthly fees so business owners can save their cash instead of paying minimum deposit or balance fees, monthly or maintenance fees, in-network ATM fees with MoneyPass locations or non-sufficient funds fee.
- The ability to open an account online in 60 seconds, check their account balance and activity, transfer funds, and make payments, with an easy-to-use, intuitive dashboard.
- Withdraw cash at more than 37,000+ ATM MoneyPass locations nationwide with the Bluevine Business Debit Mastercard®, or deposit checks anywhere and everywhere using the Bluevine Business Banking mobile app.
- Banking services provided by Coastal Community Bank, Member FDIC, making account eligible for FDIC deposit insurance up to $250,000 and provides advanced security features such as locking your Bluevine Business Debit Mastercard when lost, giving small businesses peace of mind when it comes to their money.
Integrated Financial Services Built for Small Businesses
Bluevine was founded in 2013 with the mission of helping to solve one of the most critical pain points for small businesses – access to capital – and has quickly expanded to serve over 20,000 small businesses with diverse products including Line of Credit, Invoice Factoring, and Term Loan. Each product was built with a deep understanding of the cash flow challenges that small businesses face on a daily basis as they try to run and scale their businesses.
“Bluevine is one of the few fintech’s that has successfully managed to launch and scale multiple financing products to SMBs, reaching an impressive milestone of over $2 billion in loans funded,” said Tyler Sosin, Partner at Menlo Ventures. “As the company has grown so has its ambitions to revolutionize SMB finance. It has become abundantly clear that banking – tightly woven with their credit products – is the logical next step.”
With the addition of Bluevine Business Banking, Bluevine aims to solve a broader set of financial needs for small businesses, making it easier for small businesses to grow, access, and manage their funds on their terms.
“Credit is a core part of banking and with the addition of checking accounts to our existing suite of financing products, customers can have a truly seamless banking experience,” said Eyal Lifshitz, CEO and co-founder of Bluevine. “Our vision is to have one banking platform to serve all the financial needs for small business owners.”
Bluevine Business Banking will be available in early 2020. To join our waitlist, visit www.bluevine.com/checking.
Attending the Money 20/20 Conference? Come see Eyal Lifshitz, Founder & CEO of Bluevine, speak at 9:55 AM on Wednesday, October 30 on the Commercial Cascade Stage.
About Bluevine
Bluevine empowers small businesses with innovative banking designed for them. Bluevine’s advanced online platform is intuitive and offers a convenient solution for the banking and working capital needs of businesses. Bluevine offers a suite of products designed to meet the diverse financial needs of today’s business owners including Bluevine Business Banking, Line of Credit, Term Loan, and Invoice Factoring. Based in Redwood City, California, Bluevine has provided small and medium-sized businesses with access to more than $2 billion in financing and is backed by leading private and institutional investors, including Lightspeed Venture Partners, Menlo Ventures, 83 North, Citi Ventures, SVB Capital, Rakuten, Nationwide Insurance, and M12 (Microsoft’s Venture Arm). All lines of credit and term loan products are issued by Celtic Bank, a Utah-chartered Industrial Bank, Member FDIC. All banking services are provided by Coastal Community Bank, Member FDIC.
No monthly fees on a Bluevine Business Checking Account. Card Replacement Fees and Wire Transfer Fees may apply. You may be charged out-of-network ATM fees. You may be charged a fee by the ATM owners, even if you don’t complete the transaction.
The Bluevine Business Debit Mastercard is issued by Coastal Community Bank, Member FDIC pursuant to a license from Mastercard International Incorporated and may be used everywhere Mastercard is accepted. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.
Bluevine® is a registered trademark of Bluevine Capital Inc. 2019 Bluevine Capital Inc. All Rights Reserved.
For more information, please visit www.bluevine.com