Bluevine Surpasses 1B Dollar: In a noteworthy feat, digital banking platform Bluevine has crossed the $1 billion mark in managed deposits from its small business clientele. This places Bluevine among the top 20% of FDIC-insured banks, signaling a significant milestone in the FinTech sector.
The success story revolves around Bluevine’s flagship offering, the Bluevine Business Checking account. Launched three years ago, this high-yield SMB checking account has gained popularity for its no monthly fee feature and an expanding suite of integrated business applications. By prioritizing transparency, value, and eliminating unnecessary fees, Bluevine has crafted a digital-first experience tailored to the preferences of modern business owners.
Since its inception, Bluevine has served over 500,000 business owners and facilitated more than $14 billion in loans. The company’s unique approach involves transforming a checking account into an indispensable application for running successful companies, as highlighted by Bluevine CEO Eyal Lifshitz.
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In response to evolving business needs, Bluevine has introduced a small business credit card and launched accounts payable, offering bill management, automation, and enhanced payment capabilities. The company has also expanded FDIC insurance coverage on balances up to $3 million. Through strategic partnerships, such as with Wise for international payments and foreign exchange solutions, and the recent launch of Bluevine Premier catering to scaling companies, Bluevine continues to reshape the small business banking landscape.
Operational transparency is a key focus for Bluevine, as highlighted by Chief Product Officer Herman Man. In an interview, Man emphasized the revolutionary impact of transparency on financial workflows, underscoring the fundamental need for businesses to understand and optimize their spending in alignment with policies and budgets.
Our Reader’s Queries
Is Bluevine a legitimate bank?
Bluevine is a fintech firm that offers banking services in partnership with Coastal Community Bank, Member FDIC. It’s important to note that Bluevine is not a bank itself. However, all Bluevine Business Checking accounts are FDIC insured up to $3 million per depositor, providing peace of mind for business owners.
What bank is behind Bluevine?
Refer to the table provided for guidance. Your Bluevine account is affiliated with Coastal Community Bank, which is a member of the FDIC1.
Is Bluevine backed by FDIC?
Rest assured that your Bluevine account is FDIC insured. Our program banks and Coastal Community Bank, Member FDIC, provide coverage of up to $3,000,000 per depositor. This is achieved by multiplying the standard $250,000 FDIC coverage across multiple banks. For more information, please visit our website.
Can I use Zelle with Bluevine?
Bluevine does not support Zelle for business transactions. This means that account holders cannot receive payments through Zelle. However, Bluevine business checking customers can still accept payments through other methods such as ACH, wire transfer, Venmo, or Cash App.