Nationwide invested in BlueVine, a company that provides capital for small and medium-sized business, as part of a $12 million funding round with M12 in 2018. The company will include BlueVine in its Business Solutions Center products. According to Nationwide, BlueVine is an online lending platform that can grant loans in only 10 minutes.
BlueVine can offer between $5,000 and $5 million in credit lines with interest rates starting at 4.8 percent.
BlueVine CEO Eyal Lifshitz explained that their platform is designed to provide flexible working capital to help small business owners grow their business.
A study found that 40 percent of small businesses applied for loans in 2019 with 78 percent seeking to borrow less than $250,000. Despite this relatively small amount, more than 50 percent failed to get the full loan amount and almost a quarter of them failed to get any amount.
Nationwide has committed to investing $100 million in financial services and technologies startups. Underwriting and new product development group vice president Tony Fenton added that their financial and insurance services platforms have already served more than one million small businesses.