Tech investors and startups alike are working to find cash lifelines after the collapse of Silicon Valley Bank
said SVB was the company’s primary bank. On Thursday night, Dr. Sepah attempted to pull out all but $250,000 of the millions of dollars Maximus had with SVB, but the transfers never went through. “We have to open up new bank accounts, new credit cards, switch everything over,” said Dr. Sepah. “Probably every day we owe someone something.”Catch up on the headlines, understand the news and make better decisions, free in your inbox every day.
Sara Mauskopf, CEO and co-founder of a child-care marketplace Winnie, said she needs to have funds available by Monday for next week’s payroll. She said the terms of a loan Winnie had with SVB required the startup to do all of its banking there. As a result, it didn’t keep funds with other financial institutions. The company had a checking account at SVB to pay its bills, as well as a cash-sweep account to earn a little bit of interest, the CEO said.
In an interview Saturday, he said he had been on the phone for hours with companies looking for funding. “You have to create a program from scratch in 24 hours,” he said. Some founders have already received inbound offers from investors including family offices and hedge funds have offered to buy deposit claims stuck at SVB at steep discounts, people familiar with the matter said.
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