BlueVine Takes Wraps Off Small Biz Banking Platform
BlueVine rolled out its new, integrated online banking, payments and lending platform aimed at small businesses, BlueVine Business Banking, on Tuesday (Oct. 27).
The official launch follows an initial, year-long beta period for its new banking platform for small businesses, the Redwood City, Calif.-based company said in a press release.
The new platform, which BlueVine is calling “the industry’s first integrated banking, payments, and lending solution” specifically for small businesses, enables business owners to use the platform’s dashboard to deposit checks, transfer funds, and, in addition, to make bill and vendor payments as well now.
More than 20,000 small business owners have taken out BlueVine Business Banking accounts since the initial pilot was launched last October, with week-over-week of 15 percent since August, the company said.
A key draw for BlueVine’s new business account is a 1 percent interest rate on balances above $1,000, with the FinTech next month eliminating the minimum balance requirement.
That adds up to more than $50 million in deposits, as well as $40 million in payments and debit transactions made through BlueVine Business Banking accounts, according to BlueVine.
BlueVine’s new business banking account also received a major boost in interest through BlueVine’s participation in the federal Paycheck Protection Program, through which the company provided $4.5 billion in funding to 155,000 small businesses.
“Now more than ever, small businesses need simple, easy-to-use financial solutions, services, and guidance that support — not nickel-and-dime — them on their path to recovery amid the pandemic,” said BlueVine CEO and Co-Founder Eyal Lifshitz in a press release. “Over the last year, we have worked tirelessly behind the scenes to innovate and iterate on our BlueVine Business Checking product based on tremendous beta customer reception and feedback. We are thrilled to provide all small business owners with access to sign up for an account today, to help them achieve a better financial tomorrow.”