Fintech startup BlueVine secures $102.5M to provide fast funding for small businesses
BlueVine, a fintech startup that provides small and medium-sized businesses with access to fast and simple financial products through its online platform, has raised a $102.5 million in Series F round of equity financing to further build and scale its vision for BlueVine Business Banking. The 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’s platform offers an end-to-end banking platform featuring a business checking account seamlessly integrated with BlueVine’s technology-enabled suite of online financing products.
Just last month, BlueVine announced its Business Checking Account that simplifies and enhances the banking experience for small businesses with an intuitive, easy-to-use dashboard and the BlueVine Business Debit Mastercard to manage everyday finances. Unlike high interest rates from major banks, BlueVine charges 1.00% interest on balances and zero monthly fees will help small businesses save and grow their money.
Founded in 2013 by Eyal Lifshitz, Moti Shatner, and Nir Klar, the Redwood City, California-based BlueVine empowers small businesses with innovative banking. BlueVine has provided small and medium-sized businesses with access to nearly $2 billion in financing since 2013.
The new capital infusion 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.
“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.”