Will Regional Banks Buy Fintechs To Win Small Businesses?

Banking Dive reported that Valley National Bank agreed to acquire Bluevine for $340 million. Valley National Bank, led by CEO Ira Robbins, has pursued growth in small business banking, including its 2022 acquisition of Bank Leumi USA. Bluevine, founded in 2013 by CEO Eyal Lifshitz, offers small business checking and working capital lines and participated in Paycheck Protection Program lending. The deal is positioned to add digital onboarding and underwriting tools, with potential benefits in deposit growth and credit yields. Comparable transactions include American Express's purchase of Kabbage assets, JPMorgan's acquisition of WePay, and Goldman's 2023 sale of GreenSky after buying it in 2021. The transaction will require regulatory approvals and integration across compliance, deposits, and vendor risk management.

Learn more on this news by visiting us at: https://greyjournal.net/news/

Hosted on Acast. See acast.com/privacy for more information.