“We are advising our entire portfolio to have two bank accounts going forward,” said Josh Chapman, managing partner at Konvoy Ventures.
The chief executive officer of Mercury, Immad Akhund, tweeted that his “DMs + emails are going a little crazy” and posted a link for those seeking to open an account. The company describes itself as “financial technology company, not a bank”, on its website. Its banking services are provided by Choice Financial Group and Evolve BankJPMorgan received dozens of incoming client calls asking to move from SVB to the company, according to a person familiar with the matter.
Capital saw 10 times the amount of deposit volume this week compared with last week and a mid-double-digit increase in overall deposit base, Hays said. London-based Revolut has also seen inflows. On Thursday, Revolut’s unit servicing businesses recorded inflows from SVB accounts that were 16.5 times higher than normal, a person familiar with the matter said, asking not to be identified discussing private matters.
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