BlueVine Introduces BlueVine Business Banking
BlueVine , the Nationwide-backed company providing working capital for small businesses, announced the launch of BlueVine Business Banking, a new banking service for small businesses which will be available in early 2020.
According to a recent BlueVine study, only 9% of small business owners feel that their current bank meets all of their needs. The company aims to address these pain points by offering business owners a checking account with zero monthly fees that pays 1.00% interest on balances over $1000. Business owners will be able to open an account online in 60 seconds, withdraw cash at 38,000+ ATM MoneyPass locations nationwide, and enjoy an easy-to-use mobile banking app. Banking services are provided by The Bancorp Bank and accounts are FDIC-insured.
“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. 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. 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. Our vision is to have one banking platform to serve all the financial needs for small business owners.” – Eyal Lifshitz, CEO and cofounder of BlueVine.
“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. 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.” – Tyler Sosin, Partner at Menlo Ventures.