Bluevine Capital raises $102.5M to scale business banking platform
Bluevine Capital Inc. said it raised $102.5 million in a Series F funding round led by ION Crossover Partners to help scale its business banking platform.
The funding was backed by several new investors, including MUFG Innovation Partners Co., O.G. Tech — Eyal Ofer's VC, Vintage Investment Partners, ION Group, Maor Investments and other private investors.
Bluevine announced last month the Bluevine Business Checking Account, a zero-fee, mobile checking account for small business, which pays 1% interest.
"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," Eyal Lifshitz, CEO and co-founder of Bluevine, said in the press release. "This funding further validates our mission and will help democratize true business-grade banking for small businesses who have been underserved for so long."
The company will use the new funding to further develop business banking features, including integrations with Bluevine's line of credit, invoice factoring and term loan, which the company said have already provided $2.5 billion to a total of 20,000 small businesses since the company launched in 2013. The funding will also be used to hire additional people in engineering, product and revenue departments.
The new funding was assisted by all existing investors, including Lightspeed Venture Partners, Menlo Ventures, 83North, SVB Capital, Nationwide, Citi Ventures, Microsoft's M12 venture fund and other private investors.
Cover image: Bluvine.