As a busy founder, you probably don’t have the time to add finding a banking partner to your to-do list – especially when all of your energy is going into developing your company and creating solutions to the world’s challenges. But for startups, finding a bank that’s a good fit can be a vital component of future business success.

On the surface, most banks appear to do exactly the same thing – so how do you choose who to trust with your business? To help guide you through the due diligence process, here are five questions you should consider asking possible banking partners to ensure you one that can help your business thrive at every stage of growth.

1. What services and products do you offer that can accelerate my startups growth?
2. What is your approach to supporting funding for startups?
3. What fees and charges should I account for in my financial planning?
4. How quickly can we expect to be onboarded and set up?
5. Can you provide references or case studies of other startups you have successfully partnered with?

As a tech-led startup with global ambitions, you need a dynamic offering from your bank. Ordinary turnkey solutions may be suitable for some new businesses, but if you are serious about navigating the fast-paced innovation ecosystem, you may require a banking partner that can provide a custom suite of tools and products specifically designed to complement your company’s growth from pre-seed to post-IPO.

As your business expands – whether that’s through growing your headcount, moving through different funding rounds or venturing into overseas markets – you’ll need an easily accessible, clear picture of your business’s entire banking operations.

Online banking platforms may be a given these days, but even in the early days of your business, real-time access and customisable setup features can enable you to stay in control of your organisation’s finances wherever you are in the world. Additionally ensuring that your banking partner can directly integrate with your accounting platforms will save time and automate financial workflows.

Having access to a range of services like business accounts, credit options, foreign exchange and payment processing can be helpful in taking care of your day-to-day banking needs, but they can do more. These solutions can help to automate and simplify payments, processing, reporting and reconciliation – streamlining your business operations in a cost-effective, secure way that helps you run things more efficiently.

Got global goals? It’s helpful to verify that the bank has the capabilities you need sooner rather than later. A bank with a global network also enables money to be sent internationally through traceable wire transfers, while expertise in foreign exchange (FX) risk management can help you navigate FX markets and mitigate risk successfully. Plus, a liquidity management dashboard can give you real-time visibility and the control to optimise cash management across both transactional and interest-bearing accounts.

In short, as the founder of an innovative startup, your bank should offer a comprehensive suite of flexible financial solutions that match your ambitions and designed to help increase productivity and manage cash flow.

For a founder with bold ideas for a better future, the right banking partnership can be the difference your business needs to reach its potential.

Firstly, consider whether a bank can help fulfil your growth ambitions. Can it support your business’s journey from early-stage to next-level funding requirements and beyond? Does it possess sector expertise, and can it offer vital networking connections? Is it set up to support your international expansion?

Growth is a goal that is constantly moving, your banking partner must be able to offer the right funding services at every stage. You need to know they’ve got you covered now, but also what’s next?

Facilitating working capital, providing revolving and flexible lines of credit, offering venture debt and even making venture capital connections can help fast-growing, pre-profit start-ups move forward at speed. Treasury services and payments infrastructure designed with rapid growth in mind can also help startups efficiently and securely manage their growing domestic and international transactions.

It can be difficult to understand the best path – particularly if you’re doing research on your own. Working with a bank that assigns a dedicated relationship manager can help you find the right solution set to suit your business.

Dedicated relationship managers aren’t necessarily just banking experts. Look for a team that has meaningful sector expertise, and broader knowledge of the tech sector that means they can provide relevant guidance about financial planning and growth strategies. Ideally, try and work with a team that has a background in building and scaling their own startups or have raised venture funding themselves; they can also provide invaluable connections to international ecosystem players.

The dynamic banking solutions best suited to tech-orientated start-ups inevitably come with fees. Request a clear, transparent schedule of these fees – i.e., when they are payable and whether different fees apply to different levels of accounts –from the get-go. As a startup founder, you’ll be aware that operating budgets are often tight, so understanding the fee structure up front is essential for financial planning.

Also consider monthly account fees: some banks may charge them, while others are free to maintain. Be mindful of what is included in each option – sometimes, fee-paying accounts may be the best option as they offer enhanced features such as global online banking platforms or multi-user access. Are there additional transaction fees? Will there be charges for late payments? What are the interest rates for FX transactions or cash savings? Are there onboarding fees? Access to overdraft facilities might be helpful, but get to know the associated fees, as they can be quite costly.

The risk of unexpected expenses can be overwhelming and, as a founder, you need to be prepared. All banking costs and their timing should be crystal clear so you can factor them into your financial planning. Too many promising startups face avoidable difficulties due to poor cash management.

The prospect of time-consuming bank onboarding processes can be off-putting. You want to focus on developing and growing your businesses, not spending time chasing up your banking application.

In many instances, applications are as simple as providing details about the business and the business owners. Online or app-based applications generally require certain documentation such as proof of business address, Companies House registration, estimated turnover, as well as personal information about the founder alongside any partners or directors.

Of course, banks must then undertake checks to verify these credentials, and the processing time can vary. Know Your Customer (KYC) is a mandatory requirement to prevent the misuse of bank accounts for money laundering, fraud or other illegal activities like financing terrorism. Given its legal importance, KYC can be time-consuming but it is worth the wait as it can provide you with peace of mind knowing your bank takes the time to verify the legitimacy of its clients, plus it gives the bank time to fully understand their client’s goal and business aspirations.

Dedicated relationship managers are also key to supporting the onboarding process. They assess the eligibility of each startup on its own unique merits. A relationship manager can also provide an estimated timeline and a breakdown of all relevant documentation at the start of the process, and keep the business informed of progress through each stage of the process.

A founder’s journey can be a rollercoaster. Hearing about the shared experiences of other startups can provide valuable lessons and a useful reminder that you are not alone.

These insights can be particularly valuable when choosing a banking partner, because other founders can share real-life stories of a bank’s onboarding process, reliability, support and overall effectiveness in fostering startup growth.

For example, can the relationship managers empathise with a founder’s journey? Do they understand what a startup goes through on a daily basis? And will they offer products and services that are truly relevant?

While client testimonials and case studies are certainly helpful, a bank that also connects you with a community of supportive peers takes this support one step further. Accessing these networks enables founders to listen to one another, share wisdom and learn from each other’s mistakes, which can be invaluable.

Not all banks are built to meet the specific demands of start-up, tech businesses, and it’s important to ensure your potential banking partner has got what it takes to guide you to growth.

Asking the right questions at the start of this journey means you’re more likely to find the best fit for your business: one that is proactive and transparent, helps you to overcome challenges and capitalise on opportunities, enables you to reach funding milestones and gives you access to the resources necessary to fuel your growth.