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Fintech BlueVine Launches Business Banking Services for SMBs

October 31, 2019, 09:00 AM
Filed Under: FinTech
Related: BlueVine

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 1.00% interest on their balance and zero monthly fees.

“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.”

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 38,000+ 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 will be provided by The Bancorp Bank, Member FDIC, making account eligible for FDIC deposit insurance up to at least $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.

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.

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