If you ask almost any early-stage B2B FinTech startup selling to banks what their biggest challenge is, the answer you’ll likely get is “sales.”

Although interest in FinTech from incumbent institutions has surged over the past few years, getting to initial pilots and contracts with banks is a challenging process for any early FinTech company. Many B2B FinTech companies will experience a 6–12 month sales cycle to get to pilot. After the financial crisis, banks have become more risk-averse, tightening their compliance processes, and startups often must navigate through multiple decision makers and legacy systems.

As an investor at Matrix, an early-stage venture capital firm, I spend a lot of time looking at FinTech. I wanted share some best practices from companies both inside and outside our portfolio who have had success in selling to banks, as well as from representatives…

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