In the wake of the current wave of bank failures, one of the startups I currently work with — a Silicon Valley Bank customer — recently applied to open an account with a major money center bank. The bank came back with a long list of objections and ultimately declined to open even a basic banking account. Reasons given were: the startup was not 100% U.S. owned, had a foreign-born CEO, and had a senior manager residing outside the U.S.
Because SVB were experts in understanding this startup evolution, they were much better partners than traditional banks. SVB was more lenient in allowing variations from specific revenue covenants that are often part of banking relationships. From their inception, they offered ideas for investment banking relationships, potential customers, and even executives who could join our company. This was a full-service bank focused on startups.
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