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Conversation
Highlights
Welcome to another episode of Category Visionaries — the show that explores GTM stories from tech’s most innovative B2B founders. In today’s episode, we’re speaking with Colin Luce, CEO & Co-Founder at Basis Theory, a payments tokenization platform that has raised over $20 Million in funding.
Here are the most interesting points from our conversation:
- Understanding Tokenization: Colin explains how Basis Theory is redefining tokenization for data security, focusing on developer-friendly tools that simplify complex compliance and security challenges.
- The Klarna Experience: Colin shares insights from his time at Klarna, highlighting lessons learned from scaling a European fintech giant in the U.S. market and the challenges of adapting to a different ecosystem.
- Founding Basis Theory: The “aha” moment for Basis Theory stemmed from the frustration Colin observed in merchants dealing with high payment processing costs and the lack of flexibility in existing systems.
- Vertical vs. Horizontal Focus: Colin discusses the strategic decision to initially focus on payments as a vertical before considering broader applications of their technology in other sectors like healthcare.
- Go-To-Market Strategy Evolution: Basis Theory shifted from a broad, horizontal approach to a more focused, vertical strategy, emphasizing the importance of a top-down sales motion in achieving early traction.
- Outbound Sales Success: Despite the rise of PLG (Product-Led Growth), Colin highlights the continued relevance and success of outbound sales for deep infrastructure products like Basis Theory.
Actionable
Takeaways
Start with a Vertical Focus:
When launching a platform, begin with a specific vertical to gain traction and ensure product-market fit before expanding horizontally.
Top-Down Sales for Complex Products:
For infrastructure and compliance-heavy products, a top-down sales approach can be more effective than a PLG strategy.
Creativity in Outbound Sales:
To stand out in outbound sales, mix creative approaches like personalized emails, LinkedIn engagement, and targeted physical mail campaigns.
Resist the Urge to Overfocus on Competitors:
While it’s important to be aware of competitors, focus more on your unique value proposition and carving out your own path in the market.
Investor Alignment:
Choose investors who understand and support the transition from a single product to a multi-product company, especially during the Series B stage.
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