BlueVine Unveils Integrated Business Banking Solution for SMEs

BlueVine Unveils Integrated Business Banking Solution for SMEs

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Small business banking solution provider BlueVine announced late last week that its BlueVine Business Banking offering is now generally available for small businesses looking for an integrated banking, payments, and lending solution. BlueVine Business Banking gives SMEs online services and tools to help them manage their finances, deposit checks, transfer funds, and make bill and vendor payments. The solution includes BlueVine’s Business Checking product, which the company said had seen “rapid adoption” by its customers during the recently-concluded beta testing period.

“Now more than ever, small businesses need simple, easy-to-use financial solutions, services, and guidance that support – not nickel-and-dime – them on their path to recovery amid the pandemic,” BlueVine CEO and co-founder Eyal Lifshitz said. “Over the last year, we have worked tirelessly behind the scenes to innovate and iterate on our BlueVine Business Checking product based on tremendous beta customer reception and feedback. We are thrilled to provide all small business owners with access to sign up for an account today, to help them achieve a better financial tomorrow.”

BlueVine Business Checking offers 1.0% interest on balances of $1,000 or more. Beginning this month, the company will offer 1.0% interest with no minimum balances – up to $100,000. The accounts include two free checkbooks, and no monthly ATM, NSF, or incoming wire fees. SMEs get unlimited transactions with no minimum balance requirements, and business owners can apply for the accounts in as little as 60 seconds.

BlueVine notes that more than 20,000 small businesses have signed up for the company’s Business Banking Accounts, which will also now feature BlueVine Payments. This enhanced billpay functionality enables businesses to pay vendors and bills from a directory of more than 40,000 common billers and registered payees – as well as setup their own payee. Businesses can pay by bank account or debit card, and the company’s payment is then sent to vendors by ACH, wire, or check. BlueVine added that payment by credit card is currently in beta testing.

The new product launch was also an occasion to announce a new partnership. BlueVine said that it has teamed up with fellow Finovate alum – and Visa acquisition target – Plaid to enable its small business banking customers to access external accounts when making payments or other transactions via the BlueVine dashboard. The partnership will also add BlueVine as a supported bank account on the Plaid Exchange Network.

Founded in 2013 and making its Finovate debut one year later at FinovateFall, BlueVine has raised more than $767 million in equity funding, most recently announcing a $102.5 million investment in November 2019. The company picked up a debt financing with Atalaya Capital Management that enabled them to secure a $75 million revolving credit facility in September. In August, BlueVine teamed up with DoorDash to help restaurant owners apply for Paycheck Protection Program (PPP) loans.

BlueVine’s participation in the PPP this year has been notable. The company said that it processed more than 155,000 emergency government loans for SMEs, valued at more than $4.5 billion, as part of the relief effort.

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