Bluevine
| File:Bluevine company logo.png | |
| Private | |
| ISIN | 🆔 |
| Industry | Financial technology |
| Founded 📆 | 2013[1] |
| Founders 👔 | Eyal Lifshitz, Nir Klar and Moti Shatner |
| Headquarters 🏙️ | Redwood City, California, United States |
Area served 🗺️ | |
Key people | Eyal Lifshitz, CEO |
| Products 📟 | Business checking accounts, lines of credit, and bill pay services |
| Members | |
Number of employees | |
| 🌐 Website | [1] |
| 📇 Address | |
| 📞 telephone | |
Bluevine (formally BlueVine Capital), is a Redwood City, California–based fintech company that provides online business banking and financing solutions to small and medium-sized businesses.[1][2] Since 2013, the company has provided small businesses with access to more than $13 billion in financing. Bluevine offers a full suite of tailored banking services, including business checking accounts, lines of credit, and bill pay services.
History[edit]
Bluevine was founded in 2013 by CEO Eyal Lifshitz, and fellow entrepreneurs Nir Klar and Moti Shatner.[3] Lifshitz was a venture capitalist who previously worked at Menlo Park, California-based venture capital firm Greylock Partners.[4] The idea for the business came to him after seeing his father's difficulty with cash flow while running a small business. Lifshitz realized the complicated process could be simplified as an online service.[4]
In January 2016, the company announced a $40 million funding round.[5] That same month, the company started offering business loans.[6] In April, the company announced a partnership with New York bank Citigroup and an undisclosed investment with the bank's Citi Ventures strategic investing arm.[6]
In May 2018, the company announced it had been awarded a $200 million line of credit from Credit Suisse Group, which it would use to expand its business services and increase the credit limit it offered its customers.[7] In June, the company raised $60 million in a funding round led by Menlo Ventures, with participation from existing investors.[8][9]
In November 2019, the company raised $102.5 million in Series F financing, led by venture capital firm ION Crossover Partners, along with existing investors.[10]
In December 2019, the company announced plans to build an operations center in Utah to support its expansion into business banking services including checking and line of credit services.[11] At the time, the company announced the customer service center would hire almost 1,500 new employees.[11]
In 2020, Bluevine facilitated more than 155,000 Paycheck Protection Program (PPP) loans to small businesses, totaling more than $4.5 billion.[12][13]
By March 2021, during the second wave of Covid, the company had already facilitated more than $2 billion in PPP loans, which included setting up dedicated landing pages to help ride share company Lyft's independent drivers apply for funding.[13][14] It was soon reported that Congress was investigating whether some of the PPP loans facilitated by Bluevine were fraudulent.[15][16] In October, Bloomberg Businessweek reported that fintech companies such as Bluevine and its rivals handled 75% of the approved PPP loans that were connected to fraud by the Department of Justice, but also noted there was no evidence that lenders broke the rules or were accused of any wrongdoing.[17]
Services[edit]
Bluevine offers online business banking and financing solutions through three products: lines of credit, bill pay services, and business checking accounts.[1][18] Financing rates are based on the borrower's financial metrics.[4] Banking customers have access to lines of credit and checking services.[11][19]
Operations[edit]
Bluevine is headquartered in Redwood City, California, with additional US locations in Salt Lake City, Utah and Jersey City, New Jersey.[11] The company also has a development office in Tel Aviv, Israel and Bengaluru, India.
References[edit]
- ↑ 1.0 1.1 1.2 Marks, Gene (February 7, 2019). "BlueVine's CEO Explains How Tech Is Changing the Factoring World". Inc. Archived from the original on June 29, 2021. Retrieved July 4, 2021. Unknown parameter
|url-status=ignored (help) - ↑ Pabón, Joan; O’Brien, Elizabeth; Rodríguez, Norma (July 28, 2021). "9 Best Small Business Loans of 2021". Yahoo! Finance. Archived from the original on 2021-08-06. Retrieved 2021-08-06. Unknown parameter
|url-status=ignored (help) - ↑ Moss, J. Jennings (November 19, 2019). "Small business lender snags $102.M more in funding". Silicon Valley Business Journal. Retrieved August 24, 2020. Unknown parameter
|url-status=ignored (help) - ↑ 4.0 4.1 4.2 Feldman, Amy (September 10, 2015). "The New Invoice Financing: Online Players BlueVine, Fundbox And C2FO Are Transforming The Market". Forbes. Archived from the original on 2015-09-11. Retrieved August 24, 2020. Unknown parameter
|url-status=ignored (help) - ↑ Feldman, Amy (January 20, 2016). "Startup BlueVine Nabs $40 Million As Once-Stodgy Invoice Financing Becomes The Latest Tech Craze". Forbes. Archived from the original on 2016-01-23. Retrieved August 25, 2020. Unknown parameter
|url-status=ignored (help) - ↑ 6.0 6.1 Levi, Ari (April 27, 2016). "Why Citigroup is backing online lending start-up BlueVine". CNBC. Archived from the original on 2016-04-28. Retrieved August 25, 2020. Unknown parameter
|url-status=ignored (help) - ↑ Schubarth, Cromwell (May 1, 2018). "Redwood City startup scores $200M credit line for small business lending". Silicon Valley Business Journal. Retrieved August 24, 2020. Unknown parameter
|url-status=ignored (help) - ↑ Sawers, Paul (June 5, 2018). "BlueVine raises $60 million to give small businesses access to working capital". VentureBeat. Archived from the original on 2018-06-05. Retrieved August 24, 2020. Unknown parameter
|url-status=ignored (help) - ↑ "BlueVine Raises $60 Million Series E for Small-Business Lending". Wall Street Journal. June 5, 2020. Retrieved June 19, 2021.
- ↑ Lunden, Ingrid (November 19, 2019). "BlueVine raises $102.5M more for banking services that target small businesses". TechCrunch. Archived from the original on 2019-11-19. Retrieved August 24, 2020. Unknown parameter
|url-status=ignored (help) - ↑ 11.0 11.1 11.2 11.3 Raymond, Art (December 12, 2019). "State incentive plan goes out with a bang in year that saw tax breaks draw 10,000 new jobs". Deseret News. Archived from the original on 2019-12-13. Retrieved August 25, 2020. Unknown parameter
|url-status=ignored (help) - ↑ Rudegeair, Peter; Hoffman, Liz (2020-08-13). "Real Businesses Snared in Hunt for Coronavirus Loan Scammers". The Wall Street Journal. Archived from the original on 2020-08-13. Retrieved 2020-08-25. Unknown parameter
|url-status=ignored (help) - ↑ 13.0 13.1 Balogh, Shannen (March 19, 2021). "BlueVine's new COO explains how the fintech plans to become a one-stop shop to meet SMBs' banking needs". Business Insider. Archived from the original on 2021-03-17. Retrieved June 7, 2021. Unknown parameter
|url-status=ignored (help) - ↑ Rinker, Brian (March 16, 2021). "This Silicon Valley fintech is helping Lyft drivers get PPP loans before it's too late". San Francisco Business Times. Retrieved June 7, 2021. Unknown parameter
|url-status=ignored (help) - ↑ "A congressional report says financial technology companies fueled rampant PPP fraud". NPR. 6 December 2022. Retrieved 2022-12-07.
- ↑ Balogh, Shannen (May 30, 2021). "Congress opens investigation into BlueVine and Kabbage after reports of PPP fraud". Business Insider. Archived from the original on 2021-05-30. Retrieved June 19, 2021. Unknown parameter
|url-status=ignored (help) - ↑ Davis, Michelle F. (October 8, 2020). "PPP Scammers Made Fintech Companies Their Lenders of Choice". Bloomberg Businessweek. Baptiste Virot. Archived from the original on 2020-10-08. Retrieved June 25, 2021. Unknown parameter
|url-status=ignored (help) - ↑ Cremades, Alejandro (July 11, 2019). "This Entrepreneur Went From Investing $100 Million In Startups To Raising $500 Million For His Own Business". Forbes. Archived from the original on 2019-07-11. Retrieved August 24, 2020. Unknown parameter
|url-status=ignored (help) - ↑ CEPF, Laura Grace Tarpley. "BlueVine business checking review: Free account that pays a high interest rate". Business Insider. Retrieved 2021-08-06.
External links[edit]
This article "Bluevine" is from Wikipedia. The list of its authors can be seen in its historical and/or the page Edithistory:Bluevine. Articles copied from Draft Namespace on Wikipedia could be seen on the Draft Namespace of Wikipedia and not main one.
