JERSEY CITY, N.J.--(BUSINESS WIRE)--Bluevine, the one-stop digital banking platform specifically designed for small businesses, today announced it has surpassed $1 billion in managed deposits by its small business banking customers. This significant asset threshold has largely been attracted by Bluevine Business Checking, the company’s unique no monthly fee,1 high-yield SMB checking account with a growing suite of built-in business applications, launched only three years ago - and now puts Bluevine on par with the top 20% of FDIC-insured banks and savings institutions2 ranked by deposit volume, according to the most recent FDIC quarterly report.
Over the past decade since its inception, Bluevine has built a market-leading digital banking platform that has served over 500,000 business owners and delivered more than $14 billion in loans to help simplify financial operations and facilitate access to growth capital for its customers, which have been historically underserved by traditional banks.
“We knew that a checking account could be more than just a utility for business owners, and actually evolve into an essential application to run their companies successfully. The Bluevine approach was to provide greater transparency and value by stripping out the extraneous fees and penalties that exist in traditional business banking along with providing high yield on operating balances. In addition, we built a digital-first experience that eliminated the need for even a single branch visit, and integrated a range of sophisticated business features that would empower customers to streamline their financials – supporting the way they prefer to run their companies,” explained Eyal Lifshitz, Co-Founder and CEO of Bluevine.
“The introduction of Bluevine Business Checking has filled a long-standing void in the market, evidenced by the steady growth rate of customer accounts, deposits, and payments volume in a relatively short time period. Today marks a significant company milestone - we are humbled by and grateful to our customers for trusting Bluevine with more than $1 billion in managed deposits,” Lifshitz continued.
Throughout 2023, Bluevine has added key capabilities to its Bluevine Business Checking account, which offers 2.0% Annual Percentage Yield (APY) on balances up to $250,000,3 with no monthly fees and unlimited transactions as part of its standard plan. Notably, the company recently introduced a small business credit card and launched accounts payable, giving small business owners and their teams sophisticated bill management, automation, user access control, and enhanced payment capabilities. Bluevine also expanded FDIC insurance coverage on balances up to $3 million4 (12x the industry standard of $250,000) and added an international payments and FX solution in partnership with Wise.
In November, the company launched Bluevine Premier, providing business owners with all the features of the standard plan, plus the opportunity to earn 4.25% APY on their Bluevine Business Checking balances up to $3 million, along with 50% off most standard plan payments fees, and priority access to customer support. Designed for scaling companies with growing needs, Bluevine Premier provides APY and payment fees on par with commercial offerings that are typically reserved only for large corporations with much higher balances and volumes of transactions compared to a typical small business.
Bluevine Premier customers who both maintain a $100,000 minimum average daily balance across their Bluevine Business Checking account and sub-accounts and spend at least $5,000 on their Bluevine Business Debit Mastercard® during each billing cycle incur no monthly fee. Businesses that do not meet these criteria can still benefit from Premier for a monthly fee of $95. Business owners can also take advantage of a one-month free trial for Bluevine Premier.
About Bluevine
Bluevine provides a one-stop digital banking platform specifically designed for small businesses. Since launching in 2013, Bluevine’s innovative and intuitive products, including business checking, integrated accounts payable, and lines of credit, have helped over 500,000 business owners save time and money so they can focus on what matters most: growing their business.
Bluevine is backed by leading private and institutional investors, including Lightspeed Venture Partners, Menlo Ventures, 83North, Citi Ventures, ION Crossover Partners, SVB Capital, Nationwide Insurance, and M12 (Microsoft’s Venture Arm). Bluevine is a financial technology company, not a bank. Banking Services provided by Coastal Community Bank, Member FDIC. Lines of credit are issued by Celtic Bank, a Utah-chartered Industrial Bank, Member FDIC. For more information, please visit bluevine.com or follow us on LinkedIn, Instagram, Facebook, and Twitter.
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1No monthly fee only applies to the Bluevine Business Checking Account Standard plan.
2FDIC-insured banks and savings institutions include commercial banks or savings institutions that are state or federally chartered.
3Customers will earn 2.0% interest on total balances up to and including $250,000 only if they meet the monthly debit transaction or deposit requirements described in section M of the Account Agreement. No interest earned on balances over $250,000. Any interest accrued and payable for an Account or Sub-Account will be paid to your main Account.
4Bluevine accounts are FDIC insured up to $3,000,000 per depositor through Coastal Community Bank, Member FDIC and our program banks. $3,000,000 in FDIC insurance is offered by multiplying the standard $250,000 FDIC coverage across multiple banks. For complete details, please visit https://www.bluevine.com/business-checking/fdic-protection.
