Company:BlueVine

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Short description: American fintech company
BlueVine
TypePrivate
IndustryFinancial technology
Founded2013[1]
FoundersEyal Lifshitz, Moti Shatner, and Nir Klar
HeadquartersRedwood City, California, United States
Key people
Eyal Lifshitz, CEO
ProductsBusiness banking, lines of credit, term loans, invoice factoring
WebsiteBlueVine.com

BlueVine (formally BlueVine Capital), is a Redwood City, California–based fintech company that provides online business banking and financing to small and medium-sized businesses.[1][2]

History

BlueVine was founded in 2013 by CEO Eyal Lifshitz, and fellow entrepreneurs Nir Klar and Moti Shatner.[3] Lifshitz was a venture capitalist who previously worked at Menlo Park, California-based venture capital firm Greylock Partners.[4] The idea for the business came to him after seeing his father's difficulty with cash flow while running a small business. Lifshitz realized the complicated process could be simplified as an online service.[4]

In January 2016, the company announced a $40 million funding round.[5] That same month, the company started offering business loans.[6] In April, the company announced a partnership with New York bank Citigroup and an undisclosed investment with the bank's Citi Ventures strategic investing arm.[6]

In May 2018, the company announced it had been awarded a $200 million line of credit from Credit Suisse Group, which it would use to expand its business services and increase the credit limit it offered its customers.[7] In June, the company raised $60 million in a funding round led by Menlo Ventures, with participation from existing investors.[8][9]

In November 2019, the company raised $102.5 million in Series F financing, led by venture capital firm ION Crossover Partners, along with existing investors.[10]

In December 2019, the company announced plans to build an operations center in Utah to support its expansion into business banking services including checking and line of credit services.[11] At the time, the company announced the customer service center would hire almost 1,500 new employees.[11]

In 2020, BlueVine facilitated more than 155,000 Paycheck Protection Program (PPP) loans to small businesses, totaling more than $4.5 billion.[12][13]

By March 2021, during the second wave of Covid, the company had already facilitated more than $2 billion in PPP loans, which included setting up dedicated landing pages to help ride share company Lyft's independent drivers apply for funding.[13][14] It was soon reported that Congress was investigating whether some of the PPP loans facilitated by BlueVine were fraudulent.[15] In October, Bloomberg Businessweek reported that fintech companies such as Bluevine and its rivals handled 75% of the approved PPP loans that were connected to fraud by the Department of Justice, but also noted there was no evidence that lenders broke the rules or were accused of any wrongdoing.[16]

Services

BlueVine offers online business banking and financing services through three products: term loans, lines of credit, and business checking accounts.[1][17] Financing rates are based on the borrower's financial metrics.[4] Banking customers have access to lines of credit and checking services.[11][18]

Operations

BlueVine is headquartered in Redwood City, California, and as of December 2019 has an operations center under development in Utah.[11] The company also has a development office in Tel Aviv, Israel.[19] BlueVine uses Amazon Web Services machine learning to automate the loan process by extracting text and data from documents.[20]

References

  1. ↑ 1.0 1.1 1.2 Marks, Gene (February 7, 2019). "BlueVine's CEO Explains How Tech Is Changing the Factoring World". https://www.inc.com/gene-marks/this-ceo-has-a-2000-year-old-trick-to-improve-your-cash-flow.html. 
  2. ↑ Pabón, Joan; O’Brien, Elizabeth; Rodríguez, Norma (July 28, 2021). "9 Best Small Business Loans of 2021" (in en-US). https://money.yahoo.com/9-best-small-business-loans-150630551.html. 
  3. ↑ Moss, J. Jennings (November 19, 2019). "Small business lender snags $102.M more in funding". https://www.bizjournals.com/sanjose/news/2019/11/19/small-business-lender-snags-102-m-more-in-funding.html. Retrieved August 24, 2020. 
  4. ↑ 4.0 4.1 4.2 Feldman, Amy (September 10, 2015). "The New Invoice Financing: Online Players BlueVine, Fundbox And C2FO Are Transforming The Market". https://www.forbes.com/sites/amyfeldman/2015/09/10/the-new-invoice-financing-online-players-bluevine-fundbox-and-c2fo-are-transforming-the-market/#1d2d0fe951c5. Retrieved August 24, 2020. 
  5. ↑ Feldman, Amy (January 20, 2016). "Startup BlueVine Nabs $40 Million As Once-Stodgy Invoice Financing Becomes The Latest Tech Craze". https://www.forbes.com/sites/amyfeldman/2016/01/20/startup-bluevine-gets-40-million-as-once-stodgy-invoice-financing-becomes-the-latest-tech-craze/#126d2f205704. Retrieved August 25, 2020. 
  6. ↑ 6.0 6.1 Levi, Ari (April 27, 2016). "Why Citigroup is backing online lending start-up BlueVine". https://www.cnbc.com/2016/04/26/why-citigroup-is-backing-online-lending-start-up-bluevine.html. Retrieved August 25, 2020. 
  7. ↑ Schubarth, Cromwell (May 1, 2018). "Redwood City startup scores $200M credit line for small business lending". https://www.bizjournals.com/sanjose/news/2018/05/01/bluevine-capital-small-business-lending-credit.html. Retrieved August 24, 2020. 
  8. ↑ Sawers, Paul (June 5, 2018). "BlueVine raises $60 million to give small businesses access to working capital". https://venturebeat.com/2018/06/05/bluevine-raises-60-million-to-give-small-businesses-access-to-working-capital/. Retrieved August 24, 2020. 
  9. ↑ "BlueVine Raises $60 Million Series E for Small-Business Lending". June 5, 2020. https://www.wsj.com/articles/bluevine-raises-60-million-series-e-for-small-business-lending-1528227466. Retrieved June 19, 2021. 
  10. ↑ Lunden, Ingrid (November 19, 2019). "BlueVine raises $102.5M more for banking services that target small businesses". https://techcrunch.com/2019/11/19/bluevine-raises-102-5m-more-for-banking-services-that-target-small-businesses/. Retrieved August 24, 2020. 
  11. ↑ 11.0 11.1 11.2 11.3 Raymond, Art (December 12, 2019). "State incentive plan goes out with a bang in year that saw tax breaks draw 10,000 new jobs". https://www.deseret.com/utah/2019/12/12/21013069/state-incentive-plan-goes-out-with-a-bang-in-year-that-saw-tax-breaks-draw-10000-new-jobs. Retrieved August 25, 2020. 
  12. ↑ Rudegeair, Peter; Hoffman, Liz (2020-08-13). "Real Businesses Snared in Hunt for Coronavirus Loan Scammers". https://www.wsj.com/articles/legitimate-businesses-are-snared-in-hunt-for-pandemic-loan-scammers-11597333969. Retrieved 2020-08-25. 
  13. ↑ 13.0 13.1 Balogh, Shannen (March 19, 2021). "BlueVine's new COO explains how the fintech plans to become a one-stop shop to meet SMBs' banking needs". https://www.businessinsider.com/bluevine-hires-coo-lending-club-steve-allocca-paypal-wells-fargo-2021-3. 
  14. ↑ Rinker, Brian (March 16, 2021). "This Silicon Valley fintech is helping Lyft drivers get PPP loans before it's too late". https://www.bizjournals.com/sanfrancisco/news/2021/03/16/bluevine-helps-lyft-drivers-get-ppp-loans.html. 
  15. ↑ Balogh, Shannen (May 30, 2021). "Congress opens investigation into BlueVine and Kabbage after reports of PPP fraud". https://www.businessinsider.com/congress-investigates-ppp-fraud-at-fintech-lenders-bluevine-and-kabbage-2021-5. 
  16. ↑ Davis, Michelle F. (October 8, 2020). "PPP Scammers Made Fintech Companies Their Lenders of Choice". https://www.bloomberg.com/news/articles/2020-10-07/ppp-loans-scammers-used-fintech-companies-to-carry-out-fraud. Retrieved June 25, 2021. 
  17. ↑ Cremades, Alejandro (July 11, 2019). "This Entrepreneur Went From Investing $100 Million In Startups To Raising $500 Million For His Own Business". https://www.forbes.com/sites/alejandrocremades/2019/07/11/this-entrepreneur-went-from-investing-100-million-in-startups-to-raising-500-million-for-his-own-business/#6f5bd7e754cf. Retrieved August 24, 2020. 
  18. ↑ CEPF, Laura Grace Tarpley. "BlueVine business checking review: Free account that pays a high interest rate" (in en-US). https://www.businessinsider.com/personal-finance/bluevine-business-checking-review. 
  19. ↑ "Israeli fintech co BlueVine Raises $60m". June 5, 2018. https://en.globes.co.il/en/article-israeli-fintech-co-bluevine-raises-60m-1001239931. Retrieved August 25, 2020. 
  20. ↑ Contributor, Amazon Web Services. "Amazon Web Services BrandVoice: Machine Learning Can Set Your Document Data Free - Here’s How" (in en). https://www.forbes.com/sites/amazonwebservices/2021/07/13/machine-learning-can-set-your-document-data-freeheres-how/. 

External links




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