Digital banking platform Bluevine has surpassed $1 billion in managed deposits by its small business banking customers. This asset threshold has largely been attracted by the company’s business checking platform, a high-yield SMB checking account launched three years ago. The threshold also puts Bluevine on par with the top 20% of FDIC-insured banks and savings institutions ranked by deposit volume, according to the most recent FDIC quarterly report.

Over the past decade since its inception, Bluevine has built a digital banking platform that has served more than 500,000 business owners and delivered more than $14 billion in loans.

“We knew that a checking account could be more than just a utility for business owners and actually evolve into an essential application to run their companies successfully,” Eyal Lifshitz, co-founder and CEO of Bluevine, said. “The Bluevine approach was to provide greater transparency and value by stripping out the extraneous fees and penalties that exist in traditional business banking along with providing high yield on operating balances. In addition, we built a digital-first experience that eliminated the need for even a single branch visit, and integrated a range of sophisticated business features that would empower customers to streamline their financials, supporting the way they prefer to run their companies.

“The introduction of Bluevine Business Checking has filled a long-standing void in the market, evidenced by the steady growth rate of customer accounts, deposits and payments volume in a relatively short time period. Today marks a significant company milestone. We are humbled by and grateful to our customers for trusting Bluevine with more than $1 billion in managed deposits.”

Throughout 2023, Bluevine has added key capabilities to its Bluevine Business Checking account, which offers 2% annual percentage yield (APY) on balances up to $250,000 with no monthly fees and unlimited transactions as part of its standard plan. Notably, the company recently introduced a small business credit card and launched accounts payable. Bluevine also expanded FDIC insurance coverage on balances up to $3 million (12x the industry standard of $250,000) and added an international payments and FX solution in partnership with Wise.

In November, the company launched Bluevine Premier, providing business owners with all the features of the standard plan, plus the opportunity to earn 4.25% APY on their Bluevine Business Checking balances up to $3 million, along with 50% off most standard plan payments fees and priority access to customer support.