Innovative financial platform is key to making a massive impact with PPP funding
Leveraging a flexible technology stack and modular platform, BlueVine developed an entirely new product in just a few days to deliver PPP loans and meet SBA specifications.
Founded in 2013, BlueVine provides small- and medium-sized businesses with fast and simple access to financial services built with them in mind.
When the COVID-19 pandemic struck the US, the small businesses that are the backbone of the nation’s economy were hit hardest; a BlueVine survey indicated that more than 40% of small businesses said they would fold within a month without support from the government.
On a mission to save hard-hit small businesses, BlueVine sprang into action with its scalable technology and unmatched customer support to provide them access to capital.
“With the platform that we’ve built to maximize for speed and interoperability, we were able to spring into action to better serve small businesses.”
– Herman Man, Chief Product Officer, BlueVine
BlueVine Key Results
- 155,000 small business funded
- $4.5B+ delivered in PPP loans
- 470,000 jobs saved
Leveraging a flexible technology stack and modular platform, BlueVine developed an entirely new product in just a few days to deliver PPP loans and meet SBA specifications. To meet the demands of the program, BlueVine employed robust document classification and data extraction capabilities in partnership with innovative companies like Ocrolus to digitize bank statements and numerous tax and payroll forms.
Considerable capital attracts fraud, and the PPP, with its favorable terms, was no exception. BlueVine leveraged Ocrolus’ core KYB, KYC, and AML technology, which analyzes and detects meaningful patterns in vast collections of data to keep customers and their businesses safe and secure.
BlueVine’s powerful proprietary financial platform provided more than 155,000 small business owners with $4.5+ billion in PPP loans and saved 470,000 jobs.
“Building BlueVine’s risk infrastructure is an iterative process. It has helped us steadily expand our reach in unprecedented times, making us stronger, smarter, and even faster in financing small businesses.”
– Ido Lustig, Chief Risk Officer, BlueVine