Eyal Lifshitz is the founder and CEO of BlueVine in Redwood City, Calif. As a third generation small-business entrepreneur, he is passionate about helping small businesses grow. Before BlueVine, Eyal Lifshitz was a principal at Greylock and an Associate at McKinsey & Company. Eyal received an MBA from the University of Chicago, where he was a Carlton Fellow. So when he decided to leave his cushy VC job in 2013 to launch his own startup called Bluevine, an online financing company, a lot of people thought he was crazy.
Two and a half years in, Bluevine has raised $64 million in funding so far, has been doubling in size almost every quarter, and is expected to grow revenue by another 300% this year. It’s projected to finance $200 million to its customers this year alone.
At Greylock, Eyal was involved in investing over $100 million in capital in start-up companies. Earlier in his career, he was a consultant at McKinsey & Company and an engineer at Texas Instruments. Eyal currently lives in Palo Alto, California with his wife and two kids. He holds an MBA with high honors from the University of Chicago, where he was a Carlton Fellow.
Eyal Lifshitz Early Life:
Originally born in the U.S. in New York City, but he belongs to Israel. He was born of Israeli parents who moved to US so his elementary schooling and all has been completed in U.S. But later on when he was 13 his parents got divorced so he had to move to Israel and In Israel, military service is compulsory, so he joined the military like most of his high school peers. He elected to go to a combat unit, which certainly shapes one personality. He can speak both Hebrew and English.
His father and your grandfather were both businessmen. They developed their own businesses. His grandfather owned a lighting/electricity store for about 40 years. Then his dad had a physical therapy clinic in the Upper East Side of New York for three decades.
He still remembers his father being the boss of a small company, with five or six employees. Eyal saw the attractiveness of it, and the enjoyment of that freedom to really be the owner. Of course, at the same time, there were moments when he was more stressed due to issues with cash flow and employees. It gave Eyal a real appreciation for the rewards of running a small business, but also insight to the challenges.
Along with learnings from his family, he gained a strong work ethic at an early age. Eyal was born in New York City but found himself in Israel at 13-years-old. That meant mandatory military service. An experience which taught him a lot about teamwork and endurance.
It wasn’t until he was coming out of the military in 2000 at just 21-years-old that Lifshitz bought his first computer and started to become interested in tech and coding. This then prompted him to study electrical engineering, which ultimately gave him an edge in his entrepreneurial career.
Eyal Lifshitz at Bluevine:
But more than anything, Eyal Lifshitz is motivated by the fact that his startup is helping millions of American small business owners solve one of its biggest problems: cash flow.
Bluevine offers a service called invoice factoring. It’s one of the oldest forms of financing, but Bluevine makes it fast and easy by running the whole process online.
The way it works is simple. Most businesses that sell to other businesses get paid in 30-, 60-, or 90-day cycles. That delay often causes small business owners to run out of money because they still have to spend on salaries and growth, but typically don’t hold on to a huge cash reserve.
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So instead they look for other financing options, like invoice factoring, which lets them sell their invoices to a third party factoring company at a discount for a lump sum of cash. When the invoice is eventually paid and cash is collected, a portion of it goes to the factoring company. While the fees vary, and could be expensive, invoice factoring is a popular choice because it gives immediate access to working capital.
Although there are tons of different factoring services, from one-man shops to big banks like Wells Fargo, it hasn’t always been available to most small businesses. The process typically takes a long time, the cost is high, and large banks tend to shy away from doing small deals.
This is where Bluevine comes in. It targets small business owners, so the loans are in the range of $5,000 to $250,000, and they’re processed within a day. Its technology also drops the cost of underwriting and pricing, giving a lot more freedom to the financing terms. It’s much more convenient than the more traditional services that could take months to process.
It’s why Bluevine is seeing a lot of competition from other tech startups like Fundbox, Tradeshift, and Taulia, who all offer similar services in one form or another. But Lifshitz believes there’s a huge untapped market as most small business owners don’t even know there’s an online financing option.
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Eyal Lifshitz Net Worth:
Eyal Lifshitz didn’t take the direct route to become a startup entrepreneur. Through his robust varied experiences, he has been well- equipped to create a business and compelling product for other business owners, inspire and motivate his team, and raise capital to grow his business.
Not much is there about Eyal Lifshitz Net Worth but he is surely one amont the well versed billionaires of this time.
About Bluevine:
Factoring has been around since Babylonian times because it makes sense. Small businesses will always struggle with cash flow and invoice collection. As market competition intensifies, small businesses should look forward to lower interest rates and more access to credit. And it may not be long before BlueVine is cheaper than a credit card.
BlueVine is on a mission to empower small businesses with innovative banking* designed for them. Small businesses deserve accessible and modern financial services, and traditional banks have underserved them for too long. By combining industry-leading technology and security with our team’s expertise and care, we help small businesses spend their time on what matters most—the next chapter of their business. Since 2013, we’ve provided small and medium-sized businesses with access to more than $5.4 billion in financing.
As a top small business banking provider trusted by thousands of small business owners, we’re proud to offer a full suite of tailored banking services, including a business checking account, line of credit, and invoice factoring. Headquartered in Redwood City, CA, and with offices in Salt Lake City, Jersey City, New Orleans, Tel Aviv, and Karmiel, we’re hiring problem solvers and collaborators to help build a better financial future for small business owners.
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