Announced on Monday (Oct. 28) at the Money20/20 conference, BlueVine Business Banking connects small businesses to checking account services and a debit card: the BlueVine Business Debit Mastercard. The service supports one-minute online account opening, and allows small business owners to access an online dashboard through which they can view transaction activity, make payments and transfer funds.
Banking services are provided via a collaboration with The Bancorp Bank, Member FDIC.
"Historically, banks have underinvested in small businesses — and, as a result, small businesses have been left with products and services that don't meet their needs," said BlueVine CEO and Co-founder Eyal Lifshitz in a statement. "With our single, obsessive focus on small businesses since our founding in 2013, we understand how small businesses operate, and created BlueVine Business Banking to help them bank with ease."
Small businesses will receive 1 percent back on balances of more than $1,000 in their checking account, and the debit card supports an unlimited number of transactions without monthly fees. Customers can withdraw funds at ATM MoneyPass locations, and deposit checks into their checking account using the BlueVine Business Banking mobile app.
In its announcement, BlueVine pointed to proprietary research that found only 9 percent of small business owners believe their current bank meets all their financial services needs.
Last month, BlueVine announced Brad Brodigan as its chief commercial officer. Brodigan previously held positions at Dosh and PayPal. At the time, Lifshitz said Brodigan will be instrumental in the company's efforts to continue "to expand and grow."
“With over two decades of experience in driving operations and revenue at FinTech businesses focused on helping SMBs thrive, we are thrilled to have Brad join us on our journey to transform financial services for small businesses across the country," he said.