Ready to launch your own podcast? Book a strategy call.
Frontlines.io | Where B2B Founders Talk GTM.
Strategic Communications Advisory For Visionary Founders
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.
Recommended Founder
Interviews
Bob Suh
CEO of OnCorps
Bob Suh, CEO of OnCorps: $18M Raised to Help Large Financial Institutions Solve Operational Problems with AI
Swapnil Shinde
CEO and Co-Founder of Zeni
Swapnil Shinde, CEO and Co-Founder of Zeni: $47+ Million Raised to Build the Finance Operations Category
Olga Chin
CEO and Founder of InterPrice Technologies
Olga Chin, CEO and Founder of InterPrice Technologies: Over $10 Million Raised to Build the Future of Capital Markets Treasury Management
Jonas Overgaard
CEO of Anyday.io
Jonas Overgaard, CEO of Anyday.io: $4M Raised to Transform the Buy Now Pay Later Market
Brian King
CEO of LODAS Markets
Brian King, CEO of LODAS Markets: $8.5 Million Raised to Power the Future of Alternative Investments
Laura Kornhauser
Co-Founder and CEO of Stratyfy
Laura Kornhauser, Co-Founder and CEO at Stratyfy: $10 Million Raised to Power the Future of Financial Inclusion
Florian Wimmer
Co-Founder & CEO of Blockpit
Florian Wimmer, Co-Founder & CEO of Blockpit: $15 Million Raised to Power the Future of Crypto Tax Management
Steve Pomfret
Steve Pomfret, CEO & Founder of Cygnetise: $8 Million Raised to Build the Future of Signatory Management
Ben Goldin
CEO and Founder of Plumery
Ben Goldin, CEO and Founder of Plumery: $4.5 Million Raised to Power the Future of Digital Engagement for Banks
Felix Rodriguez
CEO & Founder of Finally
Felix Rodriguez, CEO & Founder of Finally: $110 Million Raised to Power the Future of Finance Automation
Kevin Hart
Founder and CEO of Green Check Verified
Kevin Hart, Founder and CEO of Green Check Verified: $16 Million Raised to Power the Future of the Cannabis Business
Shamir Karkal
Co-founder and CSO of Sila
Shamir Karkal, CEO of Sila: $20+ Million Raised to Build the Money API For Fintech
Daniel Grunstein
CEO and Co-Founder of Crowded
Daniel Grunstein, CEO and Co-Founder of Crowded: $6.4 Million Raised to Transform Nonprofit Financial Management
Stephany Kirkpatrick
CEO and Founder of Orum
Stephany Kirkpatrick, CEO and Founder of Orum: Over $85 Million Raised to Build an API integration for Instant Payouts
Jessica Zhang
CEO & Co-Founder of Pier
Jessica Zhang, CEO & Co-Founder of Pier: $2.5M Raised to Build the Future of Credit Infrastructure
John Lunn
CEO and Founder of Gr4vy
John Lunn, CEO and Founder of Gr4vy: $27 Million Raised to Build the Future of Payments Infrastructure
Arik Shtilman
CEO of Rapyd
Arik Shtilman, Rapyd: $15 Billion Valuation (Unicorn Builders)
Kalpesh Kapadia
CEO and Founder of Deserve
Kalpesh Kapadia, CEO and Founder of Deserve: $50 Million Raised to Build the Future of Credit Cards
Reed Switzer
CEO of Hopscotch
Reed Switzer, CEO of Hopscotch: $10M to Build the Future of B2B Payments For SMBs
Dan Beck
Dan Beck, CEO & Co-Founder of 401GO: $14 Million Raised to Build the Future of Retirement Benefits for Small Businesses
Ahmad Ibrahim
CEO of NeoTax
Ibrahim, CEO of NeoTax: $13 Million Raised to Build the Future of Tax Automation
Yasmin Graeml
Marketing & Communication Leader of Flourish Fi
Yasmin, Marketing & Communication Leader at Flourish Fi: Driving Financial Engagement with Innovative Tech
Scott Dorey
Co-Founder of OpenPath
Scott Dorey, Co-Founder of OpenPath: $25 Million Raised to Build the Future of Payments
Nik Talreja
CEO & Co-Founder of Sydecar
Nik Talreja, CEO & Co-Founder of Sydecar: Over $16 Million Raised to Make Venture Deal Execution a Frictionless Process
Steven Greene
CEO of Standard Practice
Steven Greene, CEO & Co-Founder of Standard Practice (Previously Nibble Health): $8 Million Raised to Bring the Fintech Revolution to the World Healthcare Payments
Thibaut Sahagian
CEO of Multis
Thibaut Sahagian, CEO of Multis: $9 Million Raised to Build a New Category of Software Designed to Meet the Needs of Web3 Organizations
Eric Velasquez Frenkiel
Founder and CEO of Pomelo
Eric Velasquez Frenkiel, CEO of Pomelo: $70 Million Raised to Build the Future of Remittance
Jack McDonald
CEO of PolySign
Jack McDonald, CEO of PolySign: $50 Million Raised to Power the Future of Digital Assets
Iris Pfeifer
VP of Growth of Wisetack
Iris Pfeifer, VP of Growth at Wisetack: Mastering B2B Marketing Through Sales Alignment and Product Strategy
Helen Chong
Head of Growth of Puzzle
Helen Chong, Head of Growth at Puzzle: Collaborating with Founders – Insights for Effective Marketing Alignment
Don Muir
CEO of Arc
Don Muir, CEO of Arc: Over $180 Million Raised to Empower Startups with a Better Cash Management Experience
Matt Bivons
CEO & Founder of Canopy
Matt Bivons, CEO & Founder of Canopy: $30M Raised to Build a Modern Servicing Platform for Scaling FinTechs
Brendan Playford
CEO of Pngme
Brendan Playford, CEO of Pngme: $18 Million Raised to Support Financial Inclusivity and Unlock Economic Potential Across the Developing World
Rafael Loureiro
CEO of Wealth
Rafael Loureiro, CEO of Wealth: $16 Million Raised to Build the Future of Estate Planning
Julio Martínez
Co-Founder and CEO of Abacum
Julio Martínez, Co-Founder and CEO at Abacum: $40 Million Raised to Build the Future of FP&A
Daumantas Dvilinskas
CEO & Co-Founder of TransferGo
Daumantas Dvilinskas, CEO & Co-Founder of TransferGo: $125 Million Raised to Build the Future of Cross-Border Payments
Jeremy Almond
CEO & Founder of Paystand
Jeremy Almond, CEO & Founder of Paystand: $100M Raised to Power the Future of B2B Payments
Wade Arnold
CEO and Founder of Moov
Wade Arnold, CEO and Founder of Moov: $77.5 Million Raised to Build the Future of Embedded Payments
Ron Benegbi
CEO & Founder of Uplinq
Ron Benegbi, CEO & Founder at Uplinq: Over $5 Million Raised to Transform SMB Lender’s Existing Credit Evaluation Process
Patrick Mollard
CEO & Co-Founder of Fipto
Patrick Mollard, CEO & Co-Founder of Fipto: $16 Million Raised to Build the Future of Blockchain Payments
Rodney Reisdorf
Co-Founder & CEO of Co-Founder & CEO
Rodney Reisdorf, CEO of Verivend: $3 Million Raised Transform Private Capital Transactions
Sohaib Zahid
CEO and Co-Founder of Railz
Sohaib Zahid, CEO and Co-Founder of Railz: $15 Million Raised to Build to Accounting Data as a Service Category
Magali Chapuis
Marketing Manager of Embat
Magali Chapuis, Marketing Manager of Embat: Strategic Insights for Scaling Fintech Marketing Across Borders
Fady Hawatmeh
Founder and CEO of Clockwork
Fady Hawatmeh, Founder and CEO of Clockwork: Nearly $3 Million Raised to Make Financial Modeling and Cash Flow Forecasting Easy
Ankit Ratan
Co-Founder and CEO of Signzy
Ankit Ratan, Co-Founder and CEO of Signzy: Over $38 Million Raised to Build the Future of Digital Onboarding Infrastructure
Ben Borodach
Co-Founder and CEO of April
Ben Borodach, Co-Founder and CEO of April: $40 Million Raised to Embed Intelligent Tax Experiences
Klas Bäck
CEO & Co-Founder of Pagos
Klas Bäck, CEO & Co-Founder of Pagos: $44 Million Raised to Power the Future of Payments Operations