How the collapse of SVB ripped through global tech
California start-ups started pulling money out of troubled Silicon Valley Bank, entrepreneurs in other parts of the world woke up to the news.
Are you kidding me? We already couldn’t log into our account anymore during the regular business hours Following the lead of California colleagues, start-ups in Europe and Asia gravitated to the bank, the 16th largest in the US last year, whose name rang with tech cachet and which offered them specialised financial services.
In the UK, Britain’s chancellor of the exchequer Jeremy Hunt said the government and the Bank of England had facilitated a private sale of SVB’s UK arm to HSBC, in a move which would protect deposits without taxpayer support. “It’s hard to understand just how interconnected SVB is with the start-up ecosystem,” said Rachael Crook, founder and CEO of London-based healthcare start-up Lifted. Over the weekend she soothed investors and made sure crucial service suppliers would not be hobbled, after executives raised concerns a key financial partner may have money tied up with SVB.
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