Bluevine surpasses $1 Billion in Small Business Deposits

Bluevine, the one-stop digital banking platform specifically designed for small businesses, announced it has surpassed $1 billion in managed deposits by its small business banking customers. This significant asset threshold has largely been attracted by Bluevine Business Checking, the company’s unique no monthly fee,¹ high-yield SMB checking account with a growing suite of built-in business applications, launched only three years ago – and now puts Bluevine on par with the top 20% of FDIC-insured banks and savings institutions² ranked by deposit volume, according to the most recent FDIC quarterly report.

Over the past decade since its inception, Bluevine has built a market-leading digital banking platform that has served over 500,000 business owners and delivered more than $14 billion in loans to help simplify financial operations and facilitate access to growth capital for its customers, which have been historically underserved by traditional banks.

“We knew that a checking account could be more than just a utility for business owners, and actually evolve into an essential application to run their companies successfully. The Bluevine approach was to provide greater transparency and value by stripping out the extraneous fees and penalties that exist in traditional business banking along with providing high yield on operating balances. In addition, we built a digital-first experience that eliminated the need for even a single branch visit, and integrated a range of sophisticated business features that would empower customers to streamline their financials – supporting the way they prefer to run their companies,” explained Eyal Lifshitz, Co-Founder and CEO of Bluevine.

“The introduction of Bluevine Business Checking has filled a long-standing void in the market, evidenced by the steady growth rate of customer accounts, deposits, and payments volume in a relatively short time period. Today marks a significant company milestone – we are humbled by and grateful to our customers for trusting Bluevine with more than $1 billion in managed deposits,” Lifshitz continued.

Throughout 2023, Bluevine has added key capabilities to its Bluevine Business Checking account, which offers 2.0% Annual Percentage Yield (APY) on balances up to $250,000,³ with no monthly fees and unlimited transactions as part of its standard plan. Notably, the company recently introduced a small business credit card and launched accounts payable, giving small business owners and their teams sophisticated bill management, automation, user access control, and enhanced payment capabilities.

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