Bluevine, a digital banking platform designed for small businesses, expanded its FDIC insurance coverage of up to $3 million through Coastal Community Bank, and program banks in a sweep network.
Bluevine launched a new brand identity, reflecting the next era of its commitment to grow and evolve its services alongside the changing needs of small business owners.
Two new lenders, both advised by 20 Gates Management, increased the size of BlueVine’s line of credit warehouse debt facility with Atalaya, increasing the committed amount to $150 million, with the ability to upsize the facility to $300 million.
FundThrough, a financial technology platform, acquired the invoice factoring business of financial technology company BlueVine. All BlueVine invoice funding division employees are joining FundThrough as part of the transaction.
BlueVine appointed Mira Srinivasan to the role of chief risk officer. In this position, Srinivasan will build on the foundation of BlueVine’s current risk team and further improve underlying policies, customer experience and risk models and underwriting.
BlueVine appointed David Quinn as its new chief financial officer. In this position, Quinn will lead BlueVine’s financial functions helping accelerate strategic growth at the company. He will report to Eyal Lifshitz, CEO and co-founder of BlueVine.
Since the start of the COVID-19 pandemic, struggling SMEs and SMBs have found it more difficult to find the capital they need to survive. At the same time, alternative lenders like fintechs have had to adapt their plans in order to continue being a reliable source of financing. Such creativity will still be needed in 2021 as more opportunities arise.
BlueVine named marketing veteran Patrick Adams as its chief marketing officer. In this role, Adams will oversee all marketing functions and will report to Eyal Lifshitz, CEO and co-founder.
BlueVine secured a $75 million revolving credit facility from funds managed by Atalaya Capital Management. The funding builds on an existing partnership with Atalaya, which also is serving as a lender for BlueVine’s online invoice factoring product.