Israeli and US fintech companies blue vine The company will lay off 100 employees, including 30 in Israel. The business banking solutions and services company currently has 500 employees worldwide, which means 20% of its workforce will be laid off. This 20% figure also applies to the Israel Development Center, which has 150 employees.
“It’s obviously a difficult process and no one is going to want to do this,” Bluevine CEO and co-founder Eyal Lifshitz told the Globes. “We are making positive progress with the company and its strategy. The strategy is working well and we have expanded significantly in terms of our platform.
“We offer complete banking services in the United States. We have 200,000 accounts with over $1 billion in deposits. So we continue to grow in terms of the scale of our activities. “The need for mass layoffs is purely for efficiency reasons.” Adapting to reality, market and investor expectations and charting a path to profitability becomes increasingly important here. I am. ”
Lifshitz also told Globes: “This organizational change is focused on increasing the efficiency of our employee teams. There is no focus on reducing headcount in specific departments, but rather… The emphasis is on how efficiently we can work as an organization.”
Business account with no monthly fees and geographic expansion
Bluevine was founded in Tel Aviv in 2013 by Eyal Lifshitz and Nir Klar. They identified a major gap in banking services for small and medium-sized businesses, as outlined in the competition. Shortly after its founding, the company opened its headquarters in Silicon Valley and began expanding in the US market.[anyitselfdescribesitShortlyafteritsfoundingthecompanyopeneditsheadquartersinSiliconValleyandbeganexpandingintheUSmarket[anyitselfdescribesitShortlyafteritsfoundingthecompanyopeneditsheadquartersinSiliconValleyandbeganexpandingintheUSmarket
In 2019, the company achieved a significant milestone by disbursing $1 billion worth of loans. In 2020, in response to changes in the banking world, Bluevine expanded its financial solutions offering while launching business accounts with no monthly fees. The company’s geographic expansion continued by opening offices in Austin, Texas, and India.
The company launched its payment management system in 2022 and developed a dedicated interface for accountants and bookkeepers. Last year, Bluevine launched a business credit card. Currently, the company offers financial services such as business accounts, loans, credit cards, and international payments.
To date, Bluevine has raised $250 million from investors including Citi Ventures, Greylock, Vintage Partners, Lightspeed, and OG Ventures.
The company said: “This move is driven by a desire to adapt its activities to the changes taking place in the global market and to continue to implement the company’s long-term strategy in an efficient manner and in line with the company’s goals. , Bluevine’s Israel location is the company’s main research and development location, in tandem with the continued growth of its small business banking platform. We will continue to move the company forward. to ensure that it remains a strong, growing and financially stable global leader in its field.”
Globes, Israel Business News – en.globes.co.il – Published December 10, 2024
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