Bluevine Launches High-Yield Business Banking

- 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.