自從20世紀(jì)80年代以來(lái),，硅谷銀行就一直是初創(chuàng)公司和科技創(chuàng)業(yè)者貸款的首選銀行。現(xiàn)在,，這家銀行即將進(jìn)軍一個(gè)商業(yè)貸款非常廉價(jià)甚至是負(fù)利率的地方——哥本哈根,。

硅谷銀行的總部位于加州的圣克拉拉。成立35年來(lái),，它曾經(jīng)向愛(ài)彼迎（Airbnb）,、Fitbit和Pinterest等3萬(wàn)家公司提供過(guò)資金。現(xiàn)在,，它正在積極向北歐地區(qū)擴(kuò)張,。這一地區(qū)也成為了很多創(chuàng)新技術(shù)和生命科學(xué)公司的誕生地。

在這個(gè)地區(qū),，創(chuàng)業(yè)資本的成本很低廉,，銀行也很樂(lè)意放貸，因此,，哥本哈根在創(chuàng)業(yè)者眼中,，簡(jiǎn)直成了一個(gè)Bug式的存在。這與歐洲宏觀(guān)經(jīng)濟(jì)放緩甚至陷入負(fù)利率有很大關(guān)系,。

硅谷銀行的歐洲,、中東及非洲業(yè)務(wù)負(fù)責(zé)人兼英國(guó)分行行長(zhǎng)埃琳·普拉茨帶著加州陽(yáng)光一般的樂(lè)觀(guān)，展望了硅谷銀行在歐洲的發(fā)展前景,。

她表示：“我們相信,，未來(lái)5到10年，丹麥和鄰近的北歐地區(qū)將比過(guò)去5到10年更加令人興奮,?？傮w上看，我們認(rèn)為科技的創(chuàng)新速度將超過(guò)其他行業(yè)的發(fā)展速度,。而且現(xiàn)在其他銀行和公司可能都在向國(guó)內(nèi)看,，但是我們卻在尋找更多的擴(kuò)張途徑?！?/p>

作為一家美國(guó)銀行,，硅谷銀行進(jìn)軍丹麥，也受到了當(dāng)?shù)仄髽I(yè)和投資者的鼓勵(lì),。它作為一家能夠提供從融資,、借貸到咨詢(xún)、網(wǎng)絡(luò)、推廣的全方位服務(wù)的銀行,，填補(bǔ)了一個(gè)本地銀行難以填補(bǔ)的空白,。

或許是由于嚴(yán)格的監(jiān)管機(jī)制，或許是由于在承擔(dān)風(fēng)險(xiǎn)上較為保守,，總之，傳統(tǒng)的歐洲銀行相對(duì)來(lái)說(shuō)不太愿意投資那些有可能實(shí)現(xiàn)高增長(zhǎng),，但也有可能虧損的公司,。不過(guò)隨著各大銀行都在追逐更高的投資回報(bào)率，這種情況也開(kāi)始出現(xiàn)轉(zhuǎn)變,。

不過(guò),，對(duì)于硅谷銀行這樣一個(gè)對(duì)資本回報(bào)比較有耐心的專(zhuān)業(yè)投資機(jī)構(gòu)來(lái)說(shuō)，它在丹麥?zhǔn)怯凶銐虻臋C(jī)會(huì)的,。硅谷銀行是硅谷銀行金融集團(tuán)的一部分,，它很重視一家公司的增長(zhǎng)潛力，而不是只關(guān)注某家公司的資產(chǎn)情況和償債能力,。它的運(yùn)作方式也更像一家傳統(tǒng)的貸款機(jī)構(gòu),，主要是通過(guò)各輪融資和融資間隙，對(duì)真正有需要的公司提供資金,。

反轉(zhuǎn)借貸模式

瑞銀證券研究（UBS Equity Research）的常務(wù)董事兼中型銀行和抵押貸款金融業(yè)務(wù)高級(jí)分析師布羅克·范德里特指出,，初創(chuàng)公司的資本需求往往與傳統(tǒng)企業(yè)不同，特別是那些擴(kuò)張得十分迅速的公司,。在這些初創(chuàng)公司快速地由一個(gè)增長(zhǎng)階段邁向下一個(gè)增長(zhǎng)階段的過(guò)程中,，能否真實(shí)了解這些公司的經(jīng)營(yíng)狀況，是一門(mén)很獨(dú)特的技巧,，而且并非所有的傳統(tǒng)銀行都已經(jīng)掌握了這種技巧,。他還點(diǎn)名表示，硅谷銀行對(duì)初創(chuàng)公司各個(gè)階段的轉(zhuǎn)型（從早期股本和風(fēng)投階段,，到制定現(xiàn)金管理制度,、增加員工、擴(kuò)大全球影響力,，以及設(shè)定關(guān)鍵的營(yíng)收和盈利目標(biāo)等）都有深入的了解,。

“其他大銀行也具備這樣的知識(shí)，但它們并沒(méi)有傾注太多精力,。很多銀行經(jīng)常是以貸款開(kāi)路,，然后再用它來(lái)建立關(guān)系。而在硅谷銀行,，這個(gè)過(guò)程可能是反過(guò)來(lái)的,。”

很多初創(chuàng)公司也注意到了這一點(diǎn)。

雖然硅谷很看好北歐地區(qū)的前景,，但歐洲的金融機(jī)構(gòu)目前卻正在受到各種不確定性因素的困擾,。很多歐洲銀行——包括丹麥的一些銀行，其商業(yè)貸款和抵押貸款的利率都是極低的,。面臨經(jīng)濟(jì)增長(zhǎng)放緩,、存款利率進(jìn)入“負(fù)利率”時(shí)代等不利因素，以及新興金融科技公司的強(qiáng)勢(shì)圍剿,，這些歐洲銀行也急需找到能夠刺激營(yíng)收的新辦法,。

可以肯定的是，憑借多幣種賬戶(hù)和跨國(guó)換匯服務(wù)等工具,，像TransferWise和eBury這樣的金融科技公司已經(jīng)在與硅谷銀行等專(zhuān)業(yè)金融服務(wù)機(jī)構(gòu)同臺(tái)競(jìng)技了,，而且他們的這些工具對(duì)那些具有全球視野的增長(zhǎng)型公司很有吸引力。要說(shuō)這些顛覆者在哪個(gè)領(lǐng)域還有不足,，那就是他們的關(guān)系網(wǎng)絡(luò)還相對(duì)有限,，幫助年輕公司建立和發(fā)展新市場(chǎng)的能力還有所欠缺。

丹麥獨(dú)角獸

從風(fēng)投的角度看,，斯堪的納維亞地區(qū)是歐洲頂級(jí)的商業(yè)孵化中心之一,，足以與英國(guó)、德國(guó),、法國(guó)鼎足相爭(zhēng),。該地區(qū)也不缺乏前途無(wú)量的“獨(dú)角獸”公司——自從21世紀(jì)初以來(lái)，該地區(qū)已經(jīng)誕生了12家“獨(dú)角獸”,，總價(jià)值達(dá)690億美元,。

據(jù)丹麥的國(guó)有投資基金V?kstfonden的報(bào)告顯示，去年,，丹麥全國(guó)共計(jì)拉到了6億多歐元的風(fēng)投資本,，較2017年增長(zhǎng)了2億歐元。（而在同一時(shí)間段里,，美國(guó)的風(fēng)險(xiǎn)融資總額達(dá)到1300億美元,。）

外國(guó)金融公司在這里設(shè)立分支機(jī)構(gòu)也是比較方便的，這里與歐洲大陸的其他國(guó)家相比,，在程序上少了很多繁文縟節(jié),。尤其是在丹麥不需要辦理貸款許可證，使得硅谷銀行這樣的新進(jìn)者可以避開(kāi)昂貴且耗時(shí)的行政許可程序,，迅速設(shè)立機(jī)構(gòu),、開(kāi)展業(yè)務(wù)。

V?kstfonden的首席執(zhí)行官羅爾夫·卡加爾佳德對(duì)《財(cái)富》雜志表示,，實(shí)際上,，V?kstfonden公司甚至主動(dòng)游說(shuō)硅谷銀行來(lái)該地區(qū)開(kāi)拓市場(chǎng),。最主要的原因并非錢(qián)的問(wèn)題，眾所周知,，丹麥人不差錢(qián),，而且在丹麥，找錢(qián)很便宜,?！爸饕颍且?yàn)檫@家銀行以及它背后的硅谷銀行金融集團(tuán)已經(jīng)成功地建立了一個(gè)全球性的關(guān)系網(wǎng)絡(luò),?！?/p>

國(guó)際關(guān)系網(wǎng)絡(luò)

在過(guò)去的幾十年里，硅谷銀行的業(yè)務(wù)早已跨越了美國(guó)本土,。丹麥?zhǔn)窃摷瘓F(tuán)繼中國(guó)、愛(ài)爾蘭,、以色列,、德國(guó)和英國(guó)后的第六大市場(chǎng)。硅谷銀行已經(jīng)服務(wù)了北歐地區(qū)的30多家公司,，主要是通過(guò)它在美國(guó)和英國(guó)的分支機(jī)構(gòu),，這也使得北歐公司更容易進(jìn)入英美等市場(chǎng)進(jìn)行經(jīng)營(yíng)。

硅谷銀行還因?yàn)闃?lè)于幫助初創(chuàng)企業(yè)開(kāi)拓新市場(chǎng),，而在創(chuàng)業(yè)者中建立了良好的口碑,。比如以色列的Airobotics公司和紐約的Datadog公司，都是在硅谷銀行的幫助下,，近年來(lái)才得以深耕歐洲市場(chǎng),。丹麥的點(diǎn)評(píng)平臺(tái)TrustPilot在2017年從硅谷銀行拿到了2000萬(wàn)美元的融資，用于擴(kuò)展該公司的業(yè)務(wù),。該公司的財(cái)務(wù)總監(jiān)漢諾·達(dá)姆告訴《財(cái)富》雜志,，今年早些時(shí)候，該公司開(kāi)展E輪融資時(shí),，曾經(jīng)聯(lián)系過(guò)硅谷銀行,，希望對(duì)那筆2000萬(wàn)美元的融資的剩余貸款進(jìn)行重組，以便騰出資金用于其他項(xiàng)目,?！八麄兡軌蛱峁└鞣N融資選擇，而且他們向公司借貸時(shí)給予的一些條件,，是傳統(tǒng)銀行沒(méi)有辦法提供的,。”達(dá)姆表示,。

Siteimprove是一家云軟件供應(yīng)商,，該公司表示,，在它的海外發(fā)展和實(shí)現(xiàn)盈利的過(guò)程中，硅谷銀行給了它很大的幫助,。Siteimprove成立于2003年,，目前已經(jīng)擁有13家海外辦事處，在明尼阿波利斯擁有200名員工,。憑著從硅谷銀行拉來(lái)的資金,，該公司在哥本哈根總部建立了一個(gè)研發(fā)中心，里面有130名員工,。

Siteimprove的財(cái)務(wù)總監(jiān)馬丁·瓦格納表示：“這家銀行為我們提供了急需的投資,，幫助像我們這樣的非美國(guó)的公司參與全球競(jìng)爭(zhēng)?！?/p>

這也進(jìn)一步證明了在風(fēng)險(xiǎn)投資界,，并不是所有的錢(qián)都是一樣的錢(qián)。（財(cái)富中文網(wǎng)）

譯者：樸成奎

Silicon Valley Bank, a go-to bank for startups and tech hopefuls since the 1980s, is heading to the land of cheap business loans and negative interest rates: Copenhagen.

The Santa Clara, Calif. bank, which has bankrolled Airbnb, Fitbit, Pinterest and 30,000 other companies in its 35-year history, is expanding its footprint to the Nordic region, a flourishing hub of innovative technology and life sciences companies.

It’s also a region where start-up capital is cheap and banks have become eager lenders, an effect—some would call it a bug—of Europe’s plunge into negative interest rates as the wider economy slows.

Erin Platts, SVB’s head of Europe, Middle East and Africa, and president of the U.K. branch, assesses the bank’s prospects with a dose of sunny California optimism.

“We believe the next five to ten years in Denmark and the surrounding Nordic region will be even more exciting than the last five to ten years,” she said. “Generally, we believe innovation will continue to outperform other sectors. And, while other banks and companies may be looking inward, we are looking for more ways to expand.”

The U.S. bank’s entry, which was encouraged by Danish companies and investors, is seen as filling a kind of multifaceted funding-lending-consulting-networking-cheerleading gap that traditional local banks have a hard time closing.

Either because of rigid regulatory structures or a more conservative stance on risk-taking, traditional European banks have relatively shallow funding portfolios when it comes to potential high-growth, loss-making companies. This is beginning to change as the banks cast about for higher returns on invested capital.

Still, there’s enough of an opening for specialist investors like SVB with a track record of being more patient with the returns on the capital they lend. Instead of pegging funding to a company’s balance sheet and ability to pay back a loan, SVB, which is part of SVB Financial Group, values a firm’s growth potential. It also operates more like a traditional lender in that it makes money available to startups when they need it, during and between funding rounds.

Flipping the lending model

The capital needs of startups, particularly those scaling rapidly, differ from more traditional businesses. Understanding how these companies operate as they quickly move from one growth stage to the next is a unique strength that not all traditional banks have yet mastered, says Brock Vandervliet, executive director and senior analyst covering mid-cap banks and mortgage finance at UBS Equity Research. He singled out SVB as one that understands companies’ transitions as they go from landing early equity and VC investments, to setting up cash management systems, increasing staff, extending global reach and setting revenue and profitability milestones.

“That knowledge exists in other large banks, but they don’t make it a dedicated effort. What banks usually do is lead with the lending and use that to build the relationship. At Silicon Valley Bank, this process can be reversed,” added Vandervliet.

Startups notice this.

SVB’s bullish Scandinavian outlook comes at a time when that of European financial institution’s is shaded with uncertainty. European banks, including some in Denmark, are offering ultra-cheap interest rates on business loans and mortgages, and they are hard-pressed to find new ways to stimulate revenue in the grip of slowing economic growth, loss-making deposits, and competition from emerging fintech players.

To be sure, fintechs like TransferWise and eBury are competing on much of the same turf as SVB and other specialist financial services firms by offering the tools—multi-currency accounts and international money transfer services —that appeal to growing businesses with global aspirations. If there’s an area where these disruptors fall short, however, it’s with their relatively limited networking reach and knowhow of helping young companies set up and grow in new markets.

Danish unicorns

Scandinavia is one of Europe’s top-tier business-incubation hubs alongside the U.K., Germany and France in terms of venture capital investment. And, there’s the unicorn factor—the region has created twelve unicorns since the early 2000s, with a combined value of $69 billion.

Last year in Denmark, VCs invested more than 600 million euros in 2018, a 200 million-euro increase from 2017, according to a report from V?kstfonden, the Danish state’s investment fund. (In the United States, VC funding topped $130 billion during the same period.)

Non-Danish finance firms setting up shop here find a relatively laid back approach to business regulations, which features considerably less red tape than they’d find in other continental European countries. Notably, Denmark doesn’t require a lending license, which allows new entrants like SVB to sidestep an expensive, time-consuming administrative permissions process and quickly set up shop.

The V?kstfonden actually lobbied SVB to come to the region, its CEO Rolf Kj?rgaard, told Fortune. The main draw wasn’t the money. The Danes already have that. And it’s cheap. “It’s the global connectivity that they, the bank and SVB Financial Group, have built up so successfully.”

International connections

For the last couple of decades, SVB has been extending beyond its U.S. base. Denmark is the group’s sixth market after China, Ireland, Israel, Germany and the U.K. SVB already serves about 30 Nordic companies, primarily through its U.S. and U.K. branches, which give Nordic companies an easier route to enter and operate in those markets.

SVB has earned a reputation among entrepreneurs for helping startups push into new markets, from Israel’s Airobotics to New York-based Datadog, which, with SVB’s help, has been expanding deeper into Europe in recent years. Denmark’s TrustPilot, a reviews platform, secured $20 million in funding from SVB in 2017, money it used to help it expand its business. Hanno Damm, the chief financial officer at TrustPilot, told Fortune that when it landed a Series E funding round earlier this year, they contacted SVB about restructuring what remained of the original $20 million credit facility to free up the funds for other projects. “They are able to offer financing options and lend to companies under terms that more traditional banks are not able to provide,” said Damm.

Siteimprove, meanwhile, credits SVB with helping it grow overseas and become profitable. Founded in 2003, the cloud-based software provider now has 13 international offices, including 200 employees in Minneapolis. With capital raised from SVB, the cloud-based software provider built a development center at its Copenhagen headquarters, home to 130 employees.

“The bank offers much-needed investments that help non-U.S. technology companies compete globally,” said Martin Wagner, chief financial officer at Siteimprove.

Further proof that in venture funding, not all money is the same.