Valley Bank Acquires Bluevine for Small Businesses
Valley Bank acquires Bluevine to boost small business banking.
In brief
Valley Bank acquires Bluevine to boost small business banking. Valley Bank acquires Bluevine for $340 million to strengthen small business funding and digital strategy. Originally reported by Pymnts.
Valley Bank Acquires Bluevine
Valley Bank is set to acquire Bluevine, a digital banking platform for small businesses.
Deal Value and Purpose
The $340 million deal aims to strengthen Valley's funding base, expand small business franchise, and accelerate digital and AI strategy.
Valley Bank CEO Statement
Ira Robbins, Valley Bank's chairman, president and CEO, said Bluevine has generated a diversified base of small business deposit relationships and a modern technology platform.
Bluevine's Customer Base
Bluevine serves approximately 175,000 active small business customers with platform-generated deposits rising at 35% compound annual growth rate.
Funding Strategy
Nearly all Bluevine deposits come from non-borrowing customers, expected to provide Valley with diversified, relationship-driven core funding.
Combined Value Proposition
Bluevine customers gain access to Valley's branch network and broader treasury management, credit, insurance, wealth and capital markets solutions.
The one thing
Valley Bank acquires Bluevine for $340 million to strengthen small business funding and digital strategy.
