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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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