Do you know how to go about getting a bank account or a partnership signed for a new Fintech startup? Tom and Yana discuss the best ways to get these things done and how to avoid pitfalls around your company’s name. Because launching a new startup can be hard to navigate and confusing, listen as Yana and Tom share their knowledge and experience when facing these challenges. Maybe this discussion will answer all of your questions.

If you enjoy this episode, please share it with friends, leave comments, and reviews if you like what you hear.

Today’s Episode:

• [00:24] Hello, we are back again!
• [01:19] Does it matter what the startup looks like to the bankers?
• [02:41] Yana shares how to name your startup so that you don’t put up red flags.
• [03:49] The more boring your name is the safer you are to the banks.
• [04:21] Yana speaks about pitfalls you want to avoid when looking for funding.
• [05:19] Did you know what you name your startup can keep you from getting funded?
• [07:15] Tom feels that a lot of time you can distinguish between the name of the legal entity and the name of the product and service.
• [08:05] Yana says that if you plan to become a financial institution or service provider in two to three years, you don’t have to make these statements to your bank on day one.
• [10:15] How do you demonstrate your financial stability if this is your first startup?
• [12:08] Tom shares, if possible, have some senior advisors on your board, they may help you with introductions.
• [13:27] Yana shares and a new strategy that she saw in the early days.
• [14:30] Tom says approach banks in their innovation or startup division to see if there is a way to build a relationship.
• [16:03] You should not rely on one single approach. Ideally, you should have backups.
• [16:57] Tom speaks about other strategies he has seen work.
• [18:51] Tom finishes with more things that you should not do when trying to get a bank to fund what you are doing.
• [20:27] Tom and Yana both believe that there are no shortcuts; you must start on the right foot when setting up a banking relationship.
• [21:17] Happy banking, everyone.

Show links:

• How to get in touch with us, if you’d like to tell your startup story: Yana on Instagram, Tom on LinkedIn