In 2014, WebsiteAlive chose a new banking partner: Silicon Valley Bank. We’d been with Wells Fargo for seven or eight years, and we couldn’t shake the feeling that we were just a set of numbers on a ledger to them. Worse yet, it was becoming increasingly apparent that they didn’t really understand the tech world as well as we would have liked. If you’d have asked them what we did here at WSA, there would have been a lot of mumbling and hand-waving. Luckily, we had other options.
“Silicon Valley Bank only takes on people in technology,” says WebsiteAlive CEO Adam J. Stass. “So when they reached out to us, we were very grateful and excited to start working with them. Within 30 to 45 days, we knew we made the right decision based on how they’ve helped us out.”
A tech-specific bank works differently than a mainstream bank in three different ways: (1) the pace is faster because the bankers don’t need technical information explained to them; (2) a bank that serves technology businesses understands our profitability model better; and (3) Silicon Valley Bank’s products and services in particular are scalable, so they will continue to be a trusted partner as we continue to globalize and grow.
This blog post echoes our experiences:
Tech funding: Can your bank make the Kessel Run in less than 12 parsecs?
Transferring our core to a different bank was a daunting proposition because we work on a SaaS model and we couldn’t afford any hiccups. But we were surprised and delighted by how smooth the transition was.
“It’s such an improvement to get treated like a person and not a number,” says Stass. “More than anything, just that they understand our world—that’s very important to us.”