SMB lender BlueVine launches banking service with Mastercard debit card
Business loan provider BlueVine, which offers up to $5 million in ‘fast funding’, has launched its own banking service for small and medium businesses (SMBs) called ‘BlueVine Business Banking’.
The new service, which the Californian fintech announced at Money 20/20 in Las Vegas, will include a debit Mastercard for everyday finances and SMBs will see a 1% interest on their balance with no monthly fees.
“Historically, banks have under-invested in small businesses and as a result, small businesses have been left with products and services that don’t meet their needs,” says BlueVine CEO and co-founder Eyal Lifshitz.
Eventually, the CEO envisions BlueVine “to have one banking platform to serve all the financial needs for small business owners”.
Founded in 2013, the fintech’s USP has always been to give SMBs better access to capital. Now the company serves more than 20,000 businesses’ cash flow needs.
BlueVine’s investor Menlo Ventures praises the fintech for reaching $2 billion in loans funded. “It has become abundantly clear that banking – tightly woven with their credit products – is the logical next step,” says the investor’s partner Tyler Sosin.
The fintech’s banking offering will be available in early 2020, it’s debit Mastercard being issued by US-based The Bancorp bank.