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February 22, 2022

BlueVine makes 4x faster loan decisions

Scott Wotring

Most small business owners have a choice when it comes to applying for a loan. They can visit a traditional bank, enduring a manual application process which can take months to complete and result in an 80% rejection rate. Or they can work with a growing number of fintech lenders that offer a faster and simpler digital application experience. 

When comparing the two options, it’s clear why fintechs are gobbling up market share of small business lending in America. Despite the fact that small businesses make up 99.9% of American businesses, banks have largely overlooked them. 

“Unless they’re making millions in annual revenue, banks aren’t that interested in lending to small businesses,” explains Herman Man, Chief Product Officer at BlueVine. “Things are even worse for minority owned businesses who disproportionately lack access to capital.”

Founded in 2013, BlueVine offers digital banking and financing to small and medium size businesses. To speed up the application and onboarding process, BlueVine wanted a way to efficiently obtain detailed financial information about applicants for underwriting, while still providing a modern user experience and protecting their privacy.

“We tried a financial data aggregator but the APIs were sloppy, we lost data, and it was unreliable,” says Man. “We wanted a new-gen, more efficient solution—so we went with Plaid.”