Financing rates are based on the borrower's financial metrics. Services īluevine offers online business banking and financing solutions through three products: lines of credit, bill pay services, and business checking accounts. 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. It was soon reported that Congress was investigating whether some of the PPP loans facilitated by Bluevine were fraudulent.
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īy 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. In 2020, Bluevine facilitated more than 155,000 Paycheck Protection Program (PPP) loans to small businesses, totaling more than $4.5 billion. At the time, the company announced the customer service center would hire almost 1,500 new employees. 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.
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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. In June, the company raised $60 million in a funding round led by Menlo Ventures, with participation from existing investors. 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. 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. That same month, the company started offering business loans. In January 2016, the company announced a $40 million funding round. Lifshitz realized the complicated process could be simplified as an online service. The idea for the business came to him after seeing his father's difficulty with cash flow while running a small business.
Lifshitz was a venture capitalist who previously worked at Menlo Park, California-based venture capital firm Greylock Partners. Bluevine was founded in 2013 by CEO Eyal Lifshitz, and fellow entrepreneurs Nir Klar and Moti Shatner.
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