BlueVine Raises $102.5 Million To Build Next-Generation Small Business Banking
REDWOOD CITY, Calif., Nov. 19, 2019 (GLOBE NEWSWIRE) -- BlueVine, the leading provider of small business banking, announced it has raised a $102.5 million in Series F round of equity financing. This funding round was led by ION Crossover Partners with participation from all major existing investors, including Lightspeed Venture Partners, Menlo Ventures, 83North, SVB Capital, Nationwide, Citi Ventures, Microsoft’s venture fund, M12, and private investors. The round also included new investors MUFG Innovation Partners Co., Ltd, O.G. Tech - Eyal Ofer’s VC, Vintage Investment Partners, ION Group, Maor Investments and additional private investors.
BlueVine will use the funding to further build and scale its vision for BlueVine Business Banking, an end-to-end banking platform featuring a business checking account seamlessly integrated with BlueVine’s technology-enabled suite of online financing products. The BlueVine Business Checking Account, announced in October 2019, simplifies and enhances the banking experience for today’s small businesses with an intuitive, easy-to-use dashboard and the BlueVine Business Debit Mastercard® to manage everyday finances, while features like 1.00% interest on balances and zero monthly fees will help small businesses save and grow their money.
“The recent launch of BlueVine Checking demonstrates our commitment to revolutionize banking for small business owners with a full suite of services designed specifically to meet their unique needs,” said Eyal Lifshitz, CEO and co-founder of BlueVine. “This funding further validates our mission and will help democratize true business-grade banking for small businesses who have been underserved for so long.”
“BlueVine has demonstrated a track record of success with their multiple financing products and set themselves apart with their vision of a complete platform of innovative banking products for small businesses,” said Jonathan Kolodny, Partner at ION Crossover Partners. “We’ve been following the company closely since its early days, and have witnessed the demand, and frankly the economic need, for BlueVine’s banking services. We believe the company is exceptionally well-positioned, thanks to its world-class management team, to change the way small businesses manage their financial needs today and in the future.”
The funds will help develop future BlueVine Business Banking features, such as integrations with BlueVine’s existing working capital solutions – Line of Credit, Invoice Factoring and Term Loan – which have already provided over 20,000 small business owners with access to more than $2.5 billion in financing since the company’s inception in 2013. The funding round will also help continue to grow the BlueVine team, including hires across engineering, product and revenue organizations.
FT Partners advised BlueVine on this transaction.
About BlueVineBlueVine 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 Checking, 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 $2.5 billion in financing and is backed by leading private and institutional investors, including Lightspeed Venture Partners, Menlo Ventures, 83 North,SVB Capital,Citi Ventures, 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. Bank account services are provided by The Bancorp 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 The Bancorp Bank 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
Media Contacts:Christina ColeHead of Communications, BlueVine650-252-1980 press@BlueVine.com
Ali MapplethorpeHighwire PR for BlueVine415-675-1457 BlueVine@highwirepr.com