BlueVine Raises $102.5 Million in Series F led by ION Crossover, Plans Future of Small Business Banking

BlueVine, an online lender and Fintech bank, has raised $102.5 million in Series F funding. The round was led by ION Crossover Partners with participation from all major existing investors, including Lightspeed Venture Partners, Menlo Ventures, 83North, SVB Capital, Nationwide, Citi Ventures, Microsoft’s venture fund, M12, and private investors – according to  a release. BlueVine also said that new investors included MUFG Innovation Partners (Mitsubishi), OG Tech, Vintage Investment Partners, ION Group and Maor Investments.

BlueVine said it will use the funding to “further build and scale its vision for BlueVine Business Banking, an end-to-end banking platform featuring a business checking account seamlessly integrated with BlueVine’s technology-enabled suite of online financing products.”

Similar to most other US digital-only banks, BlueVine is a Fintech bank that leverages a relationship with The Bancorp Bank, Member FDIC, to provide account services.

All lines of credit and term loan products are issued by Celtic Bank, a Utah-chartered Industrial Bank, Member FDIC.

The recently announced BlueVine Business Checking Account is specifically designed for small businesses while featuring a 1.00% interest on balances and zero monthly fees. This stands in contrast to traditional bank offerings which typically provide a zero rate of return and charge additional fees.

“The recent launch of BlueVine Checking demonstrates our commitment to revolutionize banking for small business owners with a full suite of services designed specifically to meet their unique needs,” said Eyal Lifshitz, CEO and co-founder of BlueVine. “This funding further validates our mission and will help democratize true business-grade banking for small businesses who have been underserved for so long.”

Jonathan Kolodny, Partner at ION Crossover Partners, said the BlueVine has demonstrated a track record of success with their vision of a complete platform of innovative banking products for SMEs.

“We’ve been following the company closely since its early days, and have witnessed the demand, and frankly the economic need, for BlueVine’s banking services. We believe the company is exceptionally well-positioned, thanks to its world-class management team, to change the way small businesses manage their financial needs today and in the future.”

BlueVine’s online lending products include; Line of Credit, Invoice Factoring and Term Loans. To date, BlueVine has provided about $2.5 billion in financing.

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