For Product Analytics Innovator Mixpanel, Western Alliance Bank Provides Flexible Solutions

Mixpanel CEO Amir Movafaghi knows how to wring meaning out of raw data. So, when the pandemic hit, it was a clarifying moment for Movafaghi and his team.

"About six months after we started working with the Innovation Banking Group at Western Alliance Bank, the pandemic came into full force and required us to respond quickly,” says Movafaghi. “Western Alliance Bank was a thoughtful partner throughout and collaborated with us as we implemented the needed changes.” The turbulent time reinforced the bank as a strong financial partner. “Western Alliance Bank was a steady partner to us and in a dynamic environment where things constantly change, that's exactly what you need." 

As VP of Finance Phil Perry recalls, “A lot of things changed in the pandemic — different companies went into certain safe modes.” Perry adds, “Where our primary targets were in a certain area, we shifted them. Western Alliance Bank was amenable to suggesting things like, ‘Instead of focusing on X metric, let’s focus on Y metric.’ That gave us room to do what was right for us and our company. As we have progressed past that point in time, we continue to see that flexible attitude.”

A leading product analytics software company, Mixpanel enables teams to learn from their user data and innovate rapidly. With more than 7,000 customers and seven offices globally, the company provides in-depth product analytics that digital innovators trust. With its expertise in innovation, the Innovation Banking Group at Western Alliance Bank was able to offer solutions tailored to Mixpanel’s evolving needs — and Perry and Movafaghi say, deliver value that their prior lender could not. 

When Mixpanel was introduced to Western Alliance Bank, the company’s banking relationships were predominantly with another institution — and they weren’t looking to switch. “We came to Western Alliance Bank when we were looking to gain leverage through additional debt financing,” Perry recalls. “But in seeking this credit facility, we came to amenable terms to further our relationship. We essentially now have most of our primary banking with Western Alliance Bank.”

“Western Alliance Bank has been a good partner to a company like Mixpanel, where we are continually looking at our ecosystem and making adjustments to our plans,” Movafaghi adds. 

Now, Mixpanel has its sights set on broadening its global horizons. “As we have grown our international presence, we have kept our operations relatively simple, with transactions in U.S. dollars,” Perry explains. “At some point, though, we will accept foreign funds, and it’s good to know that Western Alliance Bank can help us there.”

Perry adds, “[Recently], we were discussing various elements of debt facility covenants, and the Innovation Banking Group had a willingness to discuss what made sense in terms of restrictions until we got to a good place. There has been lots of good faith to reach an agreement. We’re now discussing furthering our relationship, and we feel good about doing that.”