Kevin JohnsonBluevine is a fintech company based in Jersey City, New Jersey, with offices in Utah, Texas, California, Israel, and India. Eyal Lifshitz and Nir Klar founded the company in 2013 to provide banking solutions for small businesses. The founders opened the first office in Tel Aviv, Israel.
In May 2018, Bluevine secured a $200 million facility to expand its business banking and credit line services. The company has over $850 million in deposits and 580 employees. In Aug 2023, Bluevine celebrated its tenth anniversary. The fintech company has served over 500,000 business owners and delivered over $14 billion in loans. [1]
Bluevine is a market-leading digital banking platform. The company offers checking, lending, and payment services to help facilitate growth for small businesses. In September 2023, Bluevine unveiled Federal Deposit Insurance Corporation (FDIC) insurance protection for up to $3 million. This product uses a network of 18 FDIC member banks to cover the risk of losses. In August 2023, Bluevine CEO Eyal Lifshitz announced the company’s plans to file an initial public offering (IPO) within two years.
Over 33 million small businesses rely on Bluevine as their banking resource and growth partner. However, the company faces stiff competition from Chase Bank and Kabbage. [2]
Here is an in-depth analysis of Bluevine’s competitors and alternatives:
1. Chase Bank
Year founded: 1955
Headquarter: New York City, New York
Chase is an American national bank specializing in consumer and commercial banking. It is part of JPMorgan Chase, a multinational financial services firm with 250,000 employees. In May 2023, JPMorgan Chase acquired First Republic and laid off 500 workers to trim its staff. [3]
Chase offers Business Complete Banking, Performance Business Checking, and Platinum Business Checking. Each option has a monthly service fee and limited free transactions. Unlike Bluevine, Chase provides full-service business banking. Chase is the top alternative to Bluevine for consumers seeking an all-in-one banking platform. [4]
2. LendingClub
Year founded: 2006
Headquarter: San Francisco, California
LendingClub is a financial services company and a pioneer in peer-to-peer lending. It owns LendingClub Bank, America’s leading digital marketplace bank. In October 2023, LendingClub laid off 172 employees, or about 14% of its workforce, after a decline in third-quarter profit. [5]
LendingClub members can access financial products and services to help them pay less when borrowing and earn more when saving. The platform uses advanced credit decisioning and machine-learning models across the customer lifecycle to extend loans to consumers buried in credit card debt. As of July 2023, LendingClub had facilitated over $85 billion in loans and helped over 4.7 million customers reach their financial goals. LendingClub is one of the best alternatives to Bluevine. [6]
3. Novo
Year founded: 2016
Headquarter: Miami, Florida
Novo is a small business banking platform. Users can connect their business and financial apps to their Novo accounts to visualize business-critical tasks in a single place. In March 2023, Novo was named the Best Digital Banking Platform in the FinTech Breakthrough Awards. [7]
Novo enhanced its Novo Invoices with new features in Q1 2023 to deliver payments faster. Small businesses and freelancers can use Novo Boost to access same-day payments through Stripe and Express ACH.
In August 2023, Novo secured a $125 million facility from Victory Park Capital. The company will use the funds to launch its new Novo Funding platform to help businesses access working capital, making Novo a fast-growing competitor for Bluevine. [8]
4. American Express Business Blueprint (Kabbage)
Year founded: 2008
Headquarter: Atlanta, Georgia
American Express is a leading provider of credit cards that acquired Atlanta-based fintech firm Kabbage in 2020. The company has been offering banking services to small businesses through Kabbage. In January 2023, American Express renamed Kabbage to Business Blueprint. [9]
Business Blueprint provides a cash flow management hub, lines of credit, and business checking accounts. In October 2023, American Express partnered with TikTok to help SMBs reach Gen Z shoppers. The initiative included the #ShopSmall Accelerator and Kabbage Funding. American Express Business Blueprint is a formidable competitor for Bluevine. [10]
5. Fundbox
Year founded: 2013
Headquarter: San Francisco, California
Fundbox is an embedded working capital platform offering credit and payments as a service to small businesses. The company has been recognized in the Fintech Breakthrough Awards, Forbes AI 50, and CB Insights Fintech 250. In 2022, Fundbox had over 300 employees.
Fundbox has served half a million clients and facilitated over $3 billion in working capital since its founding. In May 2022, Visa partnered with Fundbox to strengthen Fundbox’s digital payment capabilities. Business owners can use Fundbox Flex Pay to manage payables and Fundbox Flex Card for cash outflow management. Fundbox is one of the best alternatives to Bluevine. [11]
6. Grasshopper
Year founded: 2019
Headquarter: New York City, New York
Grasshopper is a client-first digital bank serving small businesses, startups, and investors. It replaces the traditional one-size-fits-all banking approach with industry-specific products and services. In 2022, Grasshopper relaunched its digital banking platform to meet the shifting demands of US small businesses and innovators. [12]
Grasshopper’s digital solutions cover small businesses, venture-backed startups, Banking-as-a-Service (BaaS), SBA and real estate lending, commercial API banking services, and yacht financing. In July 2023, Grasshopper partnered with Cable to enhance its BaaS platform with automation and technology for financial crime assurance and oversight. Grasshopper is one of the best alternatives to Bluevine. [13]
7. FundThrough
Year founded: 2014
Headquarter: Toronto, Canada
FundThrough is a fintech firm accelerating cash flow for SMBs by paying their outstanding invoices in days. The company has distributed over $1 billion in working capital to thousands of SMBs across North America. In June 2023, the Canadian Business Growth Fund invested in FundThrough to support its expansion. [14]
FundThrough provides quick access to cash for SMBs, ensuring they don’t wait months to get paid. In September 2023, FundThrough was #166 on the 2023 Canada’s Top Growing Companies Report by The Globe and Mail. The firm earned its spot with a 3-year growth of 291%, making FundThrough a fast-growing competitor for Bluevine. [15]
8. Tradeshift
Year founded: 2010
Headquarter: San Francisco, California
Tradeshift is a cloud-based business platform for building B2B payments, marketplaces, apps, and supply chain procurement. The firm streamlines trade between businesses and suppliers using world-class technology and solutions. As of August 2023, Tradeshift had over 1 million customers.
Tradeshift serves organizations of all sizes, from startups to global giants like Danone and the UK’s NHS. In August 2023, Tradeshift raised $70 million, led by HSBC, to scale its platform by expanding its SaaS, marketplaces, and embedded financial services. The company partnered with HSBC to launch a financing joint venture focused on B2B trade. HSBC’s backing increases Tradeshift’s competitive advantage over Bluevine. [16]
9. OnDeck
Year founded: 2006
Headquarter: New York City, New York
OnDeck is an online small business lending company owned by Enova International, Inc. The platform offers lines of credit and business term loans in minutes. As of August 2023, OnDeck had provided over $51 billion in loans and financing to over 8.6 million customers.
OnDeck uses world-class analytics and machine learning algorithms to hasten the loan and financing process. In October 2023, Enova sponsored the America’s Top Small Business awards by the US Chamber of Commerce (CoC). Its OnDeck team joined the US CoC to support and celebrate small businesses. OnDeck is a worthy alternative to Bluevine. [17]
10. Lendio
Year founded: 2011
Headquarter: Lehi, Utah
Lendio is a free online loan marketplace founded by Brock Blake and Trent Miskin. US small business owners use the platform to compare personalized offers. As of August 2023, Lendio partnered with over 75 lenders.
Lendio aggregates financing options for businesses of all sizes. However, the main selling point of Lendio is its Employee Retention Credit (ERC) service. Its ERC features include a transparent fee structure, a simplified qualifying process, timely application processing, and personalized lending options. Lendio is a worthy alternative to Bluevine. [18]
11. Wells Fargo
Year founded: 1852
Headquarter: San Francisco, California
Wells Fargo is a multinational financial services company. It operates in 35 countries and serves more than 70 million customers globally. In June 2023, Wells Fargo had 233,834 employees.
Wells Fargo offers unsecured and secured business lines of credit options. In September 2023, Wells Fargo partnered with Centerbridge to launch a fund and lend over $5 billion to North American middle-market companies. Existing Wells Fargo customers can take the loans as an alternative to other financing options. Wells Fargo has enough resources to poach some customers from Bluevine. [19]
12. NorthOne
Year founded: 2016
Headquarter: New York City, New York
NorthOne is a financial technology company. Its mobile app and web banking products offer robust financial tools to small businesses across America. In January 2023, NorthOne partnered with The Bancorp Bank to join The Clearing House’s real-time payments network. [20]
NorthOne is best known for its industry-leading small business banking app. In July 2023, the company launched its integration with Plaid to enhance customers’ cash flow controls. Small businesses can link all their financial accounts through Plaid for improved transfer capabilities. NorthOne is one of the best alternatives to Bluevine. [21]
13. C2FO
Year founded: 2008
Headquarter: Leawood, Kansas
C2FO is a financial technology company operating in the working capital market. The firm uses a win-win model that eliminates risk-based underwriting and provides low-cost capital to businesses on their terms. In H1 2023, C2FO delivered over $35 billion in funding to supplier customers.
C2FO’s win-win model helps businesses improve their margins and cement their position in the global supply chain. The average C2FO enterprise customer reported over $1 million in improved EBITDA in H1 2023. In August 2023, the company surpassed the $300-billion mark in total funding delivered to businesses. C2FO is a fast-growing competitor for Bluevine. [22]
14. Nav
Year founded: 2012
Headquarter: San Mateo, California
Nav is a financial health platform company catering to small businesses. The company uses data and proprietary scoring to help small business owners find the best loans, credit cards, banking, and other financial services. As of January 2023, Nav had over 1.7 million users.
Nav helped around 200,000 small businesses find the best financial solutions in 2022. It offers cash flow insights, checking accounts, business formation, payroll, and accounting services. In January 2023, Nav acquired Toronto-based financial app provider Nuula. This acquisition brings together two Bluevine competitors, increasing their competitive advantage. [23]
15. Axos Bank
Year founded: 2000
Headquarter: San Diego, California
Axos is an American savings and loan association and direct bank. It offers consumer and business banking products across the US through its distribution channels and partners. As of June 2023, Axos managed around $34.8 billion in assets.
Axos and Bluevine help businesses access banking services. However, Axos is a full-service bank, while Bluevine is a fintech company. In October 2023, GOBankingRates.com named Axos the Best for Mobile Banking in America. Axos Bank is one of the top competitors for Bluevine. [24]
References & more information
- one of the top competitors for BluevineBluevine (2023, Aug 16). Bluevine celebrates 10 years of powering Small Business Banking. Fintech Futures
- Enloe, B. (2023, Sep 11). Bluevine Business Checking Accounts are now insured to $3 million. Forbes
- PYMNTS (2023, May 26). JPMorgan Chase cuts 500 technology and operations roles. PYMNTS
- Payne, K. (2023, Oct 10). Bluevine Business Checking Review 2023. Forbes
- Smith, P. (2023, Oct 13). LendingClub, which targets consumers buried by credit card debt, isn’t doing well. Fortune
- LendingClub Corp (2023, Jul 10). LendingClub Schedules Second Quarter 2023 Earnings Release and Conference Call. Yahoo Finance
- Novo (2023, Mar 23). Novo wins “Best Digital Banking Platform” in the 2023 FinTech Breakthrough Awards. Novo.com
- Pathe, T. (2023, Aug 3). Novo secures a $125m credit facility to provide working capital to small businesses through Novo Funding. Fintech Futures
- AP Staff (2023, Jan 30). American Express launches products for Small Businesses. US News
- Wolfson, L. (2023, Oct 3). American Express partners with TikTok to help small businesses reach Gen Z shoppers. CNBC
- Visa, Inc. (2022, May 31). Visa Partners with Fundbox to Enable New Payment Capabilities for Small Businesses. Visa.com
- Kenyon, T. (2022, Mar 4). How Grasshopper is making business banking more accessible. Fintech Magazine
- PYMNTS (2023, Jul 25). Grasshopper and Cable Debut Financial Crime Prevention Testing Platform. PYMNTS
- Zuniga, D. (2023, Jun 15). Canadian Business Growth Fund announces investment in FundThrough. Cassels.com
- FundThrough (2023, Sep 29). FundThrough placed No. 166 on The Globe and Mail’s fifth-annual ranking of Canada’s Top Growing Companies. FundThrough.com
- Lunden, I. (2023, Aug 1). Tradeshift raises $70 million and launches financing JV with HSBC focused on B2B trade. TechCrunch
- Enova International, Inc. (2023, Aug 30). Enova and OnDeck Announce Sponsorship of the US Chamber’s “America’s Top Small Business” Awards and Summit. PRNewswire
- Better Business Advice (2023, Aug 10). Lendio ERC Review 2023. Business Wire
- Tracy, M. (2023, Sep 27). Wells Fargo teams with PE firm Centerbridge for a $5 billion lending fund. Reuters
- FFN Staff (2023, Jan 6). NorthOne Becomes One of the First Fintechs to Introduce Real-Time Payments. Fintech Finance News
- NorthOne (2023, Jul 5). NorthOne Partners with Plaid to give Small Businesses more control over Cash Flow. PRWeb
- Startland News Staff (2023, Aug 24). C2FO marks $300B in business funding as entrepreneurs navigate ongoing credit crunch. StartlandNews.com
- FS Staff (2023, Jan 27). Nav Acquires Nuula. Fin SMEs
- Axos Financial, Inc. (2023, Oct 13). Axos Bank was named the “Best Mobile Banking” in the US by GOBankingRates.com. Bloomberg
- Featured Image by Austin Distel
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