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First Republic Bank

First Republic Bank. Does your VC backed startup need help to manage your books, burn, and projections? Kruze’s clients have raised over $3.5 billion in venture funding - find out how we help companies fly through diligence and raise the next round: https://kruzeconsulting.com/startup-v... First Republic is one of the dominant banks in the startup category that we focus on, and so I thought it'd be helpful for everyone to know First Republic's strengths and why people like working with them, and so the first one and definitely the single most important reason people like First Republic is they have phenomenal customer service like white glove, call you back in 10 minutes, get it done no matter what, type of customer service and that's, as I'm an entrepreneur myself and so as an entrepreneur and someone who works with a ton of entrepreneurs, I really, really value that. Now there's some other great things about First Republic, though. They've made a really big investment into their mobile apps. The next one is old fashioned, but they have branches. It sounds kind of silly to say in this day and age, but having a branch you can walk into and make a deposit or handle a wire at the last minute, or even if you need to, you shouldn't really be doing this if you're a startup, but withdrawing cash or things like that is actually really helpful. Now there's a couple other things in that they do some ancillary services for startups or founders or employees of startups that are really, really helpful. The two being mortgages, and if you're working in the startup ecosystem, odds are, you're not like maximizing your pay. Like you could probably be making more money at a bigger company, but you've chosen to help build something and change the world, and so you typically, there's a little bit of a trade-off on salary and you usually get some equity alongside of that, and so first Republic understands the trade-off that founders make and employees make on salary and so they're very, very flexible on margins. Now they're not gonna underwrite a mortgage that you can't afford, but there's just a lot more wiggle room and again, that customer focus really comes into play there. So that's really, really helpful, especially if you're a founder and you've probably been paying yourself under market for three or four years. That is a huge differentiator if you're trying to buy a house. Another thing along those lines is student loan financing. They, First Republic has a really aggressive student loan financing or refinancing program for startup employees, and I know a bunch of Kruze Consulting team members have taken advantage of that. It's really, really low interest rates, and basically they're using the halo of the company that you work with. Like they know you're working with a good company or good startup, and so that factors into their underwriting criteria and allows them to be a lot more aggressive on the student loans. So I know we've made numerous announcements at Kruze that the First Republic student loan financing program is something that everyone should investigate, and a bunch of people have taken advantage of that. Now there's another aspect of First Republic that startup founders and employees don't always think about, but it's actually very important. They have a huge fund management practice, meaning they manage the capital, the bank accounts, the capital call loans for tons of venture capital funds, and so that creates a really nice synergy in that they know all the fund managers, all the VCs, you're trying to get their attention or trying to get a meeting with them. First Republic usually has a one-to-one relationship with them. In fact, they probably did their capital call loan, and they may even have done their mortgage and their fund probably has their cash sitting at First Republic, and so they can go above and beyond and make some really high value intros for you. There's also just a nice little synergy when the VC knows that their companies are banking at First Republic. So I really, it's kind of an under the radar thing, but having that fund management, fund practice at First Republic is really beneficial to really everyone in the startup ecosystem. So those are the big things, but I really wanna come back to people as we wrap it up to just that customer centric approach. It is again, above and beyond really anything I've experienced in the banking industry and I would put it up there with the top, Nordstrom's, Neiman Marcus, Southwest Airlines, all the companies that you read about that are really famous for their customer service, First Republic is at that level and should be mentioned in the same breath as those top tier companies across the world that take customer service really, really important. So I hope that helps, check out First Republic, we really like them at Kruze and it's just a great bank to work with, thanks.