Valley National Bancorp agrees to acquire New Jersey-based Bluevine, which provides digital banking and payments services for 175K SMBs in the US, for $340M (Meir Orbach/CTech)
The acquisition will give the bank a digital small business platform while accelerating its technology and AI strategy.
Valley National Bancorp has agreed to purchase Israeli fintech company Bluevine for around $340 million, expanding its digital banking and payments services to serve approximately 175,000 small businesses across the United States. The acquisition comes as part of Valley National's strategy to bolster its technology and fintech presence.
The deal is expected to provide Valley with a digital platform, 180 engineers, and other technology professionals, while also expanding its small business banking operations and accelerating its digital and AI strategy. Bluevine, founded in 2013, currently has $2.1 billion in digitally sourced deposits, which have grown at a rate of approximately 35% annually since 2023.
Upon completion, Bluevine's CEO Eyal Lifshitz will join Valley as Head of Small Business Banking, and the combined entity is anticipated to bring $2.1 billion in low-cost, digitally sourced deposits into Valley's funding base, contributing around 8% to Valley's projected earnings per share in 2028.
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