U.S. bank Valley National buys Israeli fintech Bluevine for $340 million
What's happening
Valley National Bank agreed to acquire fintech Bluevine for $340 million. Executives said Bluevine will bring about $2.1 billion in deposits and help make Valley "a much stronger and more relevant small business competitor." The deal is framed as expanding Valley's small business franchise, strengthening its funding base, and accelerating its digital and AI strategy. Bluevine is described variably as an Israeli fintech and a Jersey City fintech in the coverage.
Why it's trending
Banks are rushing to buy digital deposit and small-business capabilities to bulk up funding and accelerate digital/AI initiatives now.
SignalNewly emerging, confirmed across 1 independent source type.
Story volume
Stories per dayAngles you could write
Buying deposits is fine, but paying $340M for Bluevine's $2.1B in deposits won't automatically win small-business customers, here's why this deal could still fall short.
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Original sources5
- Tennessee banks to merge, New York bank to acquire fintech
Peoples Bancshares of TN has applied to buy First Peoples Bancorp in Tennessee. Valley National Bancorp in New York has agreed to buy fintech Bluevine. The post Tennessee banks to merge, New York bank to acquire fintech appeared first on ABA Banking Journal .
ABA Banking JournalSep 29 - Valley Bank Courts Small Businesses With Bluevine Acquisition
Valley Bank is set to acquire Bluevine, a digital banking platform for small businesses. The $340 million deal is designed to help Valley with its efforts to strengthen its funding base, expand its small business franchise, and accelerate its digital and artificial intelligence (AI) strategy, the bank said in a Monday (Sept. 28) news release. […] The post Valley Bank Courts Small Businesses
PYMNTSSep 28 - Valley Bank to acquire Jersey City fintech Bluevine for $340MNJBIZSep 28
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