The Israeli tech ecosystem is booming. Day after day, we hear about new startups making their way into the scene in order to transform their respected industries. A lot of the time, early-stage startups need guidance, assistance, alliances, and a strong network in order to take the next step, raise funding, and secure new partnerships and clients.
Obviously, for entrepreneurs, it is not always easy to know who they can trust, especially with the many angles and interest points some institutions have. That is why I am super happy to feature institutions that reach out, contribute, and help make an impact on early-stage startups. I got a chance to talk to and interview Noa Kolp, Head of High-Tech at IDB Bank, and Shai Kleiman, the V.P. of Business Development of Israel Discount Bank Of New York (IDBNY), and ask them about how they are helping out Israeli entrepreneurs.
What is IDBNY, and why is it interesting for Israeli entrepreneurs?
* IDBNY developed a holistic approach to tech startups, entrepreneurs, and their necessities.
* The bank created a suite of products and services to meet all the commercial and private banking needs of tech companies in the U.S.
* The offering includes special pricing for tech startups, fees, and rates, venture debt to V.C. backed companies, quick response, approachable and attentive team, private banking solutions to founders and C-levels moving to the U.S., and more.
* IDBNY is the largest Israeli bank in the U.S., managing near $12 billion in assets. The bank’s size allows it to provide a wide range of products and services and compete against large U.S. banks, and at the same time offer white-glove service as a boutique, close relationship-based bank.
* We see ourselves as the companies’ true partners who are deeply committed to their success. The bank is actively introducing its clients to V.C.s, investors, and potential clients and organizes events and gatherings for the clients and the U.S./Israeli ecosystem entirely.
* Largest Israeli Bank in the U.S.
* Headquartered in N.Y., operating continuously for over 70 years in the U.S.
* >11B in assets
* Regional expertise: Located in the U.S. metropolitan markets of New York, New Jersey, California, and Florida.
* International Client Services: We offer International Private Banking services to clients located in Israel and Latin America, as well as specialized services to Israelis looking to expand to the U.S.
* Industry expertise: Deep commercial banking knowledge in industries such as healthcare, food & beverage, high-tech, apparel, not-for-profit, and others
How did this Entrepreneur-first philosophy even start? Not something you often see when banks.
* As Israel is home to major high-tech startups, it was only natural that we offer our services and expertise in this space. Having a deep understanding of the tools and solutions an entrepreneur would need (both in Israel and the U.S.) is fundamental and plays an integral role in the relationship between both world areas.
Who are some of your clients, and what service do you provide them?
* We work with tech startups at all stages and across the U.S.
* Among our clients are publicly traded companies, unicorns as well as growth and early-stage startups
* We segment agnostic and work with startups at in many different industries.
* Our offering is mindful of the different needs of different kinds of industries and stages, and we tailor a package of each of the clients to ensure the banking aspect of the company is well covered and taken care of.
* Clients from early-stage to growth stage.
* Cross-regional service and support (N.Y., CA, FL)
Beyond banking, why do so many startups want to get on your radar?
* Extensive networking opportunities to potential investors and clients, as well as service providers throughout the U.S., and introduction to key industry players.
* We also offer rapid account openings for Israeli and American entities with VIP service.
* We do not require to be located in the U.S. to get started.
What are your criteria to choose who to work with?
* We aim to help Israeli tech companies that are expanding to the U.S., who raised funds from V.C.s or known expert angels.
How do you manage to bypass the regular bureaucracy associated with banks?
* ‘It’s Personal’ is in our DNA. We offer personal service to each of our clients, minimizing potential issues that may arise when working with larger banks. This helps to ensure we consistently provide real-time feedback on any potential issue that may occur.
What are some general guidelines you’d give an Israeli CEO who is setting up shop in the USA?
* Acknowledge the cultural differences and work from day one on building a well-structured company, considering diversity, inclusion, and equality
* People are a very important asset to a company, and finding the right talent and retaining this talent should be a top priority.
* Choose service providers wisely
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