Bluevine Launches High-Yield Business Banking
What happened
Fintech company Bluevine has introduced Bluevine Premier, a new business banking plan offering a 4.25% APY on deposits up to $3 million. The company also launched an international bill-pay solution for U.S. small and medium-sized businesses in partnership with Wise. The moves underscore continued innovation at the intersection of fintech and commercial banking.
Why it matters
- The Bluevine Premier plan carries a $95 monthly fee, which can be waived if the business maintains an average daily balance of at least $100,000 and spends $5,000 monthly on its Bluevine debit or credit card. - Bluevine originated in 2013 as an online lender focused on invoice factoring and lines of credit for small and medium-sized businesses before expanding into business banking. The company has raised over $692 million in equity financing from investors including Citi Ventures, Microsoft's M12, and ION Crossover Partners. - The partnership with Wise allows Bluevine customers to send international payments to 26 countries in eight different currencies directly from their accounts, a move aimed at addressing the 75% of SMBs dissatisfied with cross-border payment solutions from traditional banks. - Bluevine's move into high-yield business checking places it in direct competition with other fintechs like Mercury and traditional banks such as Chase. While Bluevine offers a high APY on checking balances, some competitors like Relay offer more advanced multi-account management and a higher number of debit cards per account. - The company was a significant facilitator of the Paycheck Protection Program (PPP) during the COVID-19 pandemic, processing over 155,000 loans totaling more than $4.5 billion. - In August 2023, Bluevine announced it had surpassed 500,000 business customers, with over $850 million in deposits and had delivered more than $14 billion in loans since its inception. - The company's FDIC insurance coverage of up to $3 million is 12 times the standard $250,000, achieved through a network of partner banks.
Key numbers
- Fintech company Bluevine has introduced Bluevine Premier, a new business banking plan offering a 4.25% APY on deposits up to $3 million.
- - The Bluevine Premier plan carries a $95 monthly fee, which can be waived if the business maintains an average daily balance of at least $100,000 and spends $5,000 monthly on its Bluevine debit or credit card.
- Bluevine originated in 2013 as an online lender focused on invoice factoring and lines of credit for small and medium-sized businesses before expanding into business banking.
- The company has raised over $692 million in equity financing from investors including Citi Ventures, Microsoft's M12, and ION Crossover Partners.
What happens next
- The Bluevine Premier plan carries a $95 monthly fee, which can be waived if the business maintains an average daily balance of at least $100,000 and spends $5,000 monthly on its Bluevine debit or credit card.
- Fintech company Bluevine has introduced Bluevine Premier, a new business banking plan offering a 4.25% APY on deposits up to $3 million.
Quick answers
What happened in Bluevine Launches High-Yield Business Banking?
Fintech company Bluevine has introduced Bluevine Premier, a new business banking plan offering a 4.25% APY on deposits up to $3 million. The company also launched an international bill-pay solution for U.S. small and medium-sized businesses in partnership with Wise. The moves underscore continued innovation at the intersection of fintech and commercial banking.
Why does Bluevine Launches High-Yield Business Banking matter?
The Bluevine Premier plan carries a $95 monthly fee, which can be waived if the business maintains an average daily balance of at least $100,000 and spends $5,000 monthly on its Bluevine debit or credit card. Bluevine originated in 2013 as an online lender focused on invoice factoring and lines of credit for small and medium-sized businesses before expanding into business banking. The company has raised over $692 million in equity financing from investors including Citi Ventures, Microsoft's M12, and ION Crossover Partners. The partnership with Wise allows Bluevine customers to send international payments to 26 countries in eight different currencies directly from their accounts, a move aimed at addressing the 75% of SMBs dissatisfied with cross-border payment solutions from traditional banks. Bluevine's move into high-yield business checking places it in direct competition with other fintechs like Mercury and traditional banks such as Chase. While Bluevine offers a high APY on checking balances, some competitors like Relay offer more advanced multi-account management and a higher number of debit cards per account. The company was a significant facilitator of the Paycheck Protection Program (PPP) during the COVID-19 pandemic, processing over 155,000 loans totaling more than $4.5 billion. In August 2023, Bluevine announced it had surpassed 500,000 business customers, with over $850 million in deposits and had delivered more than $14 billion in loans since its inception. The company's FDIC insurance coverage of up to $3 million is 12 times the standard $250,000, achieved through a network of partner banks.
