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The interesting part is that the technology exists to better vet and monitor investments. For example, why don't startup-friendly banks offer authorized invest
by downandout 10y ago
The interesting part is that the technology exists to better vet and monitor investments. For example, why don't startup-friendly banks offer authorized investors read-only access to bank accounts, and maybe an investor alert service that notifies them whenever a charge/check of more than $X posts to the company bank account or credit card, or when a wire goes out, etc? Most types of fraud are absurdly easy to spot; the tools and the will to spot them just aren't very strong atm.
- manigandham 10y agoThat's because there are currently no "startup-friendly" banks. The ones who say that are just using marketing speak and are no better and often worse to deal with than the majors.
- bigtones 10y agoThat is not true at all. Silicon Valley Bank is absolutely friendly to startups, helps fund them, and supports them with a great network of early stage company get-togethers many times per year. They supported my startup from first funding right through to the $42 million we have raised to date.
- manigandham 10y agoEvery big bank will also help you if you're about to put millions in an account with them. And some random "get-togethers" aren't really a big deal and not something I'm looking for from a bank. What does "supported" even mean? What does SVB really do for you that another major bank couldn't? In contrast, they have less branches and ATMs, fewer business hours, weaker credit card offerings, more fees, and an utterly crap web interface.