Fintech firm Bluevine lays off 12% of Israeli workforce

Fintech company Bluevine is laying off around 20 employees in Israel, representing around 12% of its local workforce.

Bluevine, founded in 2013, provides an all-in-one digital banking platform designed specifically for small businesses. The company is backed by leading private and institutional investors, including Lightspeed Venture Partners, Menlo Ventures, 83North, Citi Ventures, ION Crossover Partners, SVB Capital, Nationwide Insurance, and M12 (Microsoft’s Venture Arm).

The company said: “Bluevine continues to grow and develop its small business banking platform in the United States and executes on its long-term strategy. However, from time to time, priorities must be adjusted to ensure optimal response and continues to meet changing market needs and ensure long-term success. These changes include staffing adjustments in line with the company’s business strategy and priorities, such as staff transfers between departments and job eliminations. While we regret this decision, it requires the separation of approximately 12% of our employees in Israel. Israel remains and will continue to serve as Bluevine’s research and development hub. Indeed, we are actively recruiting for open positions in Israel. company remains a leader in its industry, financially stable and we are confident in its continued success.”

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