Fintech Firm Bluevine Announces Layoffs at Israel based Offices

Bluevine is reportedly laying off around 12% of its Israel-based workforce.

Bluevine says it is on a mission to enable “a better financial future for small business owners through innovative banking solutions designed just for them.”

By combining technology and security with their team’s expertise and care, they aim to help small businesses “spend their time on what matters most—the next chapter of their business.”

As reported by CTech, Bluevine stated:

“Israel remains and will continue to serve as Bluevine’s R&D center.”

Bluevine, which was established back in 2013, offers a comprehensive virtual banking platform specifically meant for small businesses.

The Fintech firm is reportedly backed by various private and institutional investors such as Lightspeed Venture Partners, Menlo Ventures, 83North, Citi Ventures, ION Crossover Partners, SVB Capital, Nationwide Insurance, as well as M12 – which is Microsoft’s venture unit.

The Fintech firm added:

“Bluevine continues to grow and develop its banking platform for small businesses in the U.S. and realizes its long-term strategy. However, from time to time, it is necessary to adjust priorities to ensure continued optimal response to changing market needs and ensure long-term success.”

The company further noted:

“These changes include personnel adjustments aligned with the company’s business strategy and priorities, such as personnel transfers between departments and job eliminations. While we regret this decision, it necessitates parting ways with approximately 12% of our employees in Israel.”

Bluevine also confirmed that Israel remains and will continue to serve as Bluevine’s R&D center.

The company further revealed that they are “actively recruiting for open positions in Israel.”

Bluvine pointed out that it is focused on “remaining a leader in its field, financially stable, and they are confident in its continued success.”

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