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Xero + SVB = Helping startups get investor ready

Posted 1 year ago in Xero news by Keri Gohman
Posted by Keri Gohman

Securing investment is a mountain of a task for many startups. It requires a crisp pitch, a sound business case and it opens you up to a lot of financial probing.

To help move this process along, today we announced a deeper relationship with Silicon Valley Bank, the bank of the global innovation economy. It will enable startups to have more control over their financial data in a secure environment. It will also help them to get investor ready so they can access the capital they require to scale.

Giving startups an accurate and comprehensive view of their finances

Xero and Silicon Valley Bank customers will now benefit from a direct integration with a seamless do-it-yourself origination process. This means entrepreneurs, startups and small business owners, and their trusted advisors, can better manage their daily bank reconciliation activities and understand cash flow in real time. Business owners can now get an accurate and comprehensive view of their finances. With this reliable and timely financial information they can avoid costly mistakes caused by out-of-date cash flow balances.

Startups can use this the new Xero integration to get investor ready. It’s now quick and easy to compile high-integrity financial data. And your investors can get a clear, up-to-date view on your financials.

CEO of Meta SaaS, a technology auditing startup, Arlo Gilbert commented on the news, “The tight integrations between Xero and Silicon Valley Bank made them both an easy choice. All accounting software should have direct integrations. It adds a layer of security and the setup is faster. As a young startup, anything that helps us save time and eliminate worry is a no-brainer.”

Gilbert recommends using platforms that deeply integrate with all the services your business uses on a daily basis. It can help you save time and stress, especially when trying to raise capital.

“When it came time for due diligence with our VCs, providing up-to-date financials was so fast and easy that we barely even had to think about it. With just a few clicks we granted our investors limited access to Xero. Within minutes they had every report they needed,” Gilbert said.

His advice to other startups: “Pick platforms and partners who can reduce expenses when you’re cost conscious but can grow and support you as you expand. Switching back office providers mid-stream is a lot of work!”

A more robust and secure connection

This direct integration is available immediately to SVB clients, the direct integration uses Silicon Valley Bank’s Direct Connect OFX platform to securely transmit data at a continuous, rapid pace. This innovation will help clients get paid faster and ease the capital access woes many small business owners face.

“By building a direct connection, we will have a more robust and secure connection to customer accounts between Silicon Valley Bank and Xero,” Xero Americas President, Keri Gohman said.

“By automating the flow of financial information, entrepreneurs and startups – and the bankers, accountants and bookkeepers who serve them – can improve daily productivity while benefiting from real-time information to help them make better business decisions.

“For a long time, many financial institutions have leveraged third party aggregators to provide access to bank feed data.

“This methodology isn’t always a beautiful experience, but our partnership with Silicon Valley Bank is an example of how technology companies and banks can collaborate so the customer wins.

“Already working with more than 110 financial institutions around the world, Xero is committed to working alongside banks to ensure customers have more secure access to their banking data.

“This enables them to get paid faster, access capital when they need it and make more sound business decisions with the right insights at their fingertips.”

SVB’s Head of Product Development and Channel Delivery, Megan Minich commented on the news, stating that the innovative banks wants to help clients get back to what they’re passionate about.

“At SVB, we want our clients to be able to focus on their business, not how they get their financial data from point A to point B. Our integration with Xero delivers clients their data, where they want it, when they want it, leveraging a reliable, scalable and more secure technology. Together we are able to help our mutual clients streamline their processes and communication with their partners and investors,” SVB’s Head of Product Development and Channel Delivery, Megan Minich said.

You can find out more here.

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