Bluevine, a digital banking platform for small businesses, has surpassed $1 billion in managed deposits by its small business banking customers.
The accomplishment places Bluevine on par with the top 20% of Federal Deposit Insurance Corp.-insured banks and savings institutions in terms of deposit volume, the FinTech company said in a Friday (Dec. 1) press release.
The growth of Bluevine can be attributed to its Bluevine Business Checking offering, according to the release. The high-yield small- to medium-sized business (SMB) checking account, which was launched three years ago, has become popular among small business owners due to its no monthly fee feature and a growing suite of built-in business applications.
By providing transparency and value and eliminating extraneous fees, Bluevine has created a digital-first experience that caters to the preferences of modern business owners, the release said.
Since its inception, Bluevine has served over 500,000 business owners and facilitated more than $14 billion in loans, per the release.
The company’s approach has been to create a checking account that goes beyond utility and becomes an essential application for running successful companies, Bluevine CEO Eyal Lifshitz said in the release.
Bluevine has also introduced a small business credit card and launched accounts payable, providing small business owners with bill management, automation and enhanced payment capabilities, the release said.
The company has also partnered with Wise to provide an international payments and foreign exchange solution, according to the release. Bluevine also recently launched Bluevine Premier, a plan designed for scaling companies with growing needs.
Operational transparency into spend can revolutionize the way businesses manage their finances as well as optimize their financial workflows and payments, Bluevine Chief Product Officer Herman Man told PYMNTS in an interview posted in August.
“The need for expense management to understand the spend, to understand how it maps back to policies and budget, is fundamental and really rudimentary,” Man said at the time.
For all PYMNTS B2B coverage, subscribe to the daily B2B Newsletter.