The fintech industry is rapidly growing as more Americans are moving towards digital financial services. Eight in ten consumers use a fintech product to manage their finances, and businesses benefit from access to a wide range of services to improve their financial operations.
As the founder of a fintech startup, you’ll need a startup checking account that can keep up with the fast pace of the fintech industry and support you in managing your funds effectively. Here are some of the best things to look out for when searching for the right bank account for your fintech startup:
1. An innovative mindset
You want to choose a bank that understands your fintech startup and what it needs. Fintechs are all about revolutionizing the financial world. Your bank should understand that desire to look toward the future. Grasshopper prides itself on being built for the business and innovation economy, constantly looking for ways to revolutionize our products and services to optimize the banking experience for our clients.
2. A seamless banking experience
Startups move quickly, so they need a bank that can keep up. It’s important to have digital banking tools that can help to streamline the banking experience. Grasshopper utilizes several banking tools that make banking more convenient for our startup clients, including:
- Contactless debit card
- Online bill pay
- Wire transfer services
- Seamless integrations into accounting software, such as Autobooks or Quickbooks
- eStatements
- & much more!
Having these kinds of innovative tools help make for a more frictionless and convenient banking experience. When your money can be moved easily and efficiently, your fintech can focus on continuing to push forward rather than being left behind.
3. Ability to grow
A startup is meant to expand and grow. You need a bank account that can support you as you scale up. One of the ways that Grasshopper aids in your startup’s growth is through easy access to financing options, such as venture capital investments. With Grasshopper Connect, Accelerator Checking clients can gain access to a list of investors within the Grasshopper network, carefully curated by our Fund & Sponsor Banking team.
4. Strong digital security
As a fintech, cybersecurity should be one of your top concerns. When your money is put into a startup bank account, you need to know that it’s safe. With an Accelerator Startup Checking account, you can rest assured that your online banking is properly protected, thanks to features such as:
- A secure onboarding experience: Protection of your startup and its funds begins at onboarding. When you apply for a startup banking account with Grasshopper, our team takes extra security measures when needed to validate your identity and your business.
- Fraud monitoring: Grasshopper’s experienced fraud monitoring team works hard to spot any suspicious activity on your account.
- FDIC insurance: By partnering with a trusted sweep network, Grasshopper can strategically spread your deposits across multiple banks to expand your FDIC coverage. You’ll be able to receive extra peace of mind without the hassle of managing multiple banking relationships. Plus, you can access all of your deposits at any time.
- Two-factor authentication: With two-factor authentication, protection of your account goes beyond the traditional username and password. Logging into your account will require a combination of two authenticators, such as an account password and a one-time code. Having this dual authentication further assures that your account is secure and your funds are properly stored.
- Support services: If trouble does arise, you need to know there’s support available. Grasshopper’s client services team is made up of real humans with real experience who are dedicated to giving your startup the personalized attention it deserves.
Bottom Line
As a proud fintech partner, Grasshopper understands what a fintech startup needs. With Accelerator Startup Checking, you can gain access to the tools necessary to run a startup, with the support of experts that can guide you along the way. Apply for an account today in as little as 5 minutes.
By Michaela Lenahan in Startups
