Why SVB?
Provide a proof point of how SVB's Platform is a competitive differentiator.
More than a card –We are not just trying to sell you a card, we also provide capital.
Fastest growing B2B issuer.
End to end –We have all the products you’ll need and we grow with you, because of our expertise.
Name 3 perceived strengths of Brex.
Aggressive marketing—high level of awareness.
Ability to look at bank balance to provide a limit that is unsecured.
Robust expense management feature.
Rewards that resonate with how tech founders spend money (e.g., AWS).
A Y Combinator Company (so have access to others within that network).
Name 3 perceived strengths of AMEX
Founders tend to have an attachment to their AMEX card.
Brand loyalty (from consumer business).
Marketing of card types (platinum/gold).
Considered to have good travel rewards.
Viewed as having high ease of use.
In the Why SVB Section of the playbook, how do we characterize SVB's 3 main categories of differentiation?
Provide a proof point of how SVB is Client Centric.
Customized approach for each opportunity.
Consistent partners during good times and bad – We will do things for clients that others won’t (credit, relationship, customized solutions, regulatory flexibility.)
Proactive solutioning – We find opportunities to be different, always thinking of the next step for you.
Credit extensions based on all factors – Because of our expertise, we’re able to account for seasonality, accommodate fast responses to evolving situations, etc.
What are 3 ways SVB differentiates from Brex?
Brex is only a card. SVB offers a holistic payment strategy with payment automation, ACH, and API.
Brex is all plastic and doesn’t do anything in the virtual card space. The Innovators Card evolves to meet the company’s needs as they scale without the need to re-plastic or apply for a new card. (e.g., add plastic or virtual cards, data feeds and integration to ERP’s, Reporting Engine, Revenue Share, etc.)
All Brex credit underwriting is algorithmic, based on balances. SVB takes a human view and can better understand a business even through spikes.
We are your bank. We have your balances. We lend to you. We know your VC.
Most of SVB clients are already using an expense reimbursement software today (e.g., Expensify, Abacus, Concur, Coupa, etc.) which eliminates the need for our clients to use Brex’s feature. Additionally, Brex doesn’t integrate with these existing platforms.
They don’t do anything around accounts payable. SVB offers supplier enablement campaigns.
The SVB offer is 1.5% cash back across all purchases in perpetuity—that can provide more value than multipliers for only specific types of purchases.
They are a startup burning lots of cash and may not survive the next downturn. SVB is the 28th largest bank in the world and has survived 5 economic cycles.
What are 3 ways SVB differentiates from AMEX?
AMEX typically requires personal guaranties from startups and sets corporate credit limits based on individual creditworthiness, so an AMEX card program will only scale as far as personal credit allows. SVB underwrites the business, taking a holistic approach
AMEX is predominantly a card solution. SVB has a full suite of commercial banking products.
SVB offers a dedicated business relationship and industry expertise.
SVB cash back rates not only match (and typically beat) AMEX, but SVB doesn’t force massive spending tiers that a business needs to hit in order to access the cash back rate.
SVB cards have wider acceptance.
It is easier to get access to virtual card products through SVB.
Name the 4 clients with success stories in the Playbook
Sun Basket, Peloton, Border X & Honk.
Provide a proof point of how SVB acts as Strategic Advisors to Card Clients
Industry segment expertise – You have a RM who understands your industry and is focused on serving clients in the industry. Your RM personally cares about your success.
Exclusively focused on innovation economy – We work with over 50% of venture backed startups. 23 of the 29 last tech IPOs have been SVB clients. We bank over 75% of the fintech top 50.
Integrated into business ecosystem in order to be a valued resource to you – We bring people.
Weekly curated events in every market and sector.
"Brex is just so easy to use. They have expense tools built in and their rewards seem awesome."
How would you address this?
We find that most of our clients are already using an expense reimbursement software today (e.g., Expensify, Abacus, Concur, Coupa, etc.)
What are you using?
Are you aware that Brex doesn’t integrate with these existing platforms? So, as you grow and your expense management needs mature, you may find (as others have) that Brex's expense feature is really a growth inhibitor.
Also, we find that rewards are table stakes. Every card provider has them; and trust me our 1.5% cash back (in perpetuity) really does add up. However, these benefits pale in comparison to the value of....
- Strategic advisory support
- All-in-one platform solution
- Client centricity
"I love my AMEX. I've been a loyal customer well before I started my business. Why would I leave them now that my business is starting to take off?"
What do you say?
Your company's fantastic growth is exactly why you should choose an SVB Card over AMEX.
AMEX typically requires personal guaranties from startups and sets corporate credit limits based on individual creditworthiness, so an AMEX card program will only scale as far as personal credit allows. SVB underwrites the business, taking a holistic approach.
Why take the risk to your personal credit or limit your company's capital?
Also, all payments or payment types will never be on a card, so you need to have other solutions. We have a full platform of payment vehicles to solve all of your needs. We are not a one trick pony like mono-line competitors (they can’t really do anything for accounts payable).
And, because you have a relationship manager dedicated to you, you have a person who negotiates on your behalf when you need changes to your credit. You don’t need to suffer from limit anxiety.
Name the 3 Why's all Clients need to address in order to say yes to a solution.
Why Change
Why Now
Why SVB
Demonstrate how you articulate SVB's Card Program value and differentiation.
You would say...
Industry segment expertise – You have a RM who understands your industry and is focused on serving clients in the industry. Your RM personally cares about your success.
Exclusively focused on innovation economy – We work with over 50% of venture backed startups. 23 of the 29 last tech IPOs have been SVB clients. We bank over 75% of the fintech top 50
Integrated into business ecosystem in order to be a valued resource to you – We bring people (founders, VCs, strategic advisers, corporates) together.
Weekly curated events in every market and sector.
More than a card – We are not just trying to sell you a card, we also provide capital.
Fastest growing B2B issuer.
End to end – We have all the products you’ll need and we grow with you, because of our expertise.
Customized approach for each opportunity.
Consistent partners during good times and bad – We will do things for clients that others won’t (credit, relationship, customized solutions, regulatory flexibility).
Proactive solutioning – We find opportunities to be different, always thinking of the next step for you.
Credit extensions based on all factors – Because of our expertise, we’re able to account for seasonality, accommodate fast responses to evolving situations, etc.
Someone asks you, "I’ve been seeing Brex everywhere, what’s your take?"
You would say?
Brex is only a card. SVB offers a holistic payment strategy with payment automation, ACH, and API.
Brex is all plastic and doesn’t do anything in the virtual card space. The Innovators Card evolves to meet the company’s needs as they scale without the need to re-plastic or apply for a new card. (e.g., add plastic or virtual cards, data feeds and integration to ERP’s, Reporting Engine, Revenue Share, etc.)
All Brex credit underwriting is algorithmic, based on balances. SVB takes a human view and can better understand a business even through spikes.
“We are your bank. We have your balances. We lend to you. We know your VC.”
Most of SVB clients are already using an expense reimbursement software today (e.g., Expensify, Abacus, Concur, Coupa, etc.) which eliminates the need for our clients to use Brex’s feature. Additionally, Brex doesn’t integrate with these existing platforms.
They don’t do anything around accounts payable. SVB offers supplier enablement campaigns.
The SVB offer is 1.5% cash back across all purchases in perpetuity—that can provide more value than multipliers for only specific types of purchases.
They are a startup burning lots of cash and may not survive the next downturn. SVB is the 28th largest bank in the world and has survived 5 economic cycles.
A CEO says, "No one is taking away my lounge access! Also, outside of our executive team, no one else uses a company card. Our employees use their own cards."
You would say?
Highlight the personal liability risk and likely card limit issues with AMEX. Then address the opportunity to use SVB cards for employee T&E spend.
Although you may think it’s easier and more convenient to let employees use their own cards, there are several reasons many companies move to corporate cards:
It financially burdens your employees and may impact their personal credit.
You’re missing out on greater expense management and predictability with real-time transaction data and monthly statements.
You’re not leveraging your working capital and cash flow with 30-day statement cycles and 25-days to pay.
You’re missing out on additional revenue share on existing company expenses.
The CEO pushed this decision down to the interim CFO whose main concern is around how she can maintain visibility into all of the spend happening with a very lean staff.
Which Talk Track would you use to address this?
Why Change?
With limited resources, it is difficult for a startup to put systems in place quickly to have visibility across all the elements of your finances.
How easy is it to get a single view of all your financial data?
Why Now?
As your company grows, the efficiency of accessing all of your banking products in one place becomes essential for effective financial management and fraud prevention. Such a process is scalable and allows you to grow more quickly.
What aren’t you able to do because of fragmented data and processes?
Why Us?
The Innovators Card gives you all the tools that you need to control spend and realize efficiencies in the finance function--while rewarding the company for doing so.
And, since we are your bank, you also have a full platform of payment vehicles to solve all of your needs in one place.