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YC doesn’t make you keep your money anywhere, they don’t even suggest any place or even say anything about startup banking (unless you were to ask one of the pa
by eldritch_4ier 4y ago
YC doesn’t make you keep your money anywhere, they don’t even suggest any place or even say anything about startup banking (unless you were to ask one of the partners for advice). Even a cynical take would suggest they’d prioritize their portcos who launched banks for startups (like Brex), but even still in my experience they haven’t even done that.
- QuercusMax 4y agoAccording to Ankit Parasher, Co-Founder of YC-backed fintech start-up SALT, “SVB was the default bank for any international start-up expanding operations to the US. It was a stable bank and most VCs recommended it, so the impact of SVB failure is expected to be even larger than just Indian SaaS companies and YC-backed start-ups.” From https://www.thehindubusinessline.com/companies/indian-saas-and-yc-backed-start-ups-may-feel-the-heat-of-svb-shutdown/article66607856.ece https://www.thehindubusinessline.com/companies/indian-saas-a...
- eldritch_4ier 4y agoEven still, YC doesn’t give any recommendations on bank account that I’ve seen. For ourselves, we had to do some corporate clean up before YC and while they connected us to the right lawyers and provided basic review, it was really just between us and our lawyers. For wiring the money, they just ask you where to send it. SVB is no doubt popular, but YC makes no recommendations on any banks whatsoever in my experience