Fintech Bluevine Enhances FDIC Insurance Protection to $3M for Business Banking Clients

Bluevine, the digital banking platform for small businesses, has announced expanded FDIC insurance coverage of up to $3 million through Coastal Community Bank and program banks in a sweep network. This automatically offers Bluevine account holders coverage of up to 12 times the industry standard of $250,000.

The sweep network consists of seventeen FDIC member banks and will disperse Bluevine customers’ deposits across these banks, while still providing uninterrupted access to all their funds within their Bluevine Business Checking account.

Bluevine customers will continue to earn a 2.0% interest rate on balances up to $250,000, with the added assurance that their cash assets are protected.

David Quinn, CFO of Bluevine, stated that their goal is to make financial operations easier for business owners, and offering enhanced protection on cash assets is a crucial part of that. By spreading money across banks in a sweep network, Bluevine customers can benefit from expanded insurance coverage without managing multiple banking relationships. This allows business owners with large balances to focus more on scaling and growing their business.

Bluevine customers will automatically receive the additional FDIC insurance coverage that comes with the sweep network but can choose to opt-out at any time.

This latest benefit follows other recent releases by Bluevine that aim to enhance the banking experience for small businesses. They recently integrated accounts payable capabilities into their banking platform, providing small business owners and their teams with streamlined bill management, automation, user access control, and enhanced payment capabilities. Additionally, Bluevine partnered with Wise to offer an international payments and FX solution, making international payments more convenient and transparent for small businesses.

Bluevine offers a comprehensive digital banking platform specifically designed for small businesses. Since its launch in 2013, the platform’s business checking, integrated accounts payable, and lines of credit have helped over 500,000 business owners save time and money, allowing them to focus on growing their business.

Bluevine is supported by private and institutional investors, including Lightspeed Venture Partners, Menlo Ventures, Citi Ventures, and Microsoft’s Venture Arm, among others. It is important to note that while Bluevine is a financial technology company, banking services are provided by Coastal Community Bank and lines of credit are issued by Celtic Bank, a Utah-chartered Industrial Bank.

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