The sudden collapse of Silicon Valley Bank on Friday sent shockwaves through the startup community, which has come to view the lender as a source of reliable capital and deposit partner, particularly for some of tech’s biggest moonshots. | Reuters
“Some of the folks have moved their money out of SVB to other banks,” he said. “Hearing CEOs who are figuring out ways to use their own capital or own funds to fund some of the payroll.”
Dean Nelson, CEO of Cato Digital, was on a line outside of SVB’s Santa Clara headquarters, hoping to get answers. He said he was worried about the company’s ability to pay employees and cover expenses. At a Menlo Park, California, branch, customers were greeted by a taped up press release apprising them the bank had moved into receivership and would be known as Deposit Insurance National Bank of Santa Clara.The bank has been central to the formation of many early stage companies due to its reputation for taking bets on startups that may have had little chance of survival otherwise and for which larger banks may find far too risky.
Tyrner said she wondered if her co-founder had gone mad. “She’s just pinging me over and over and texting my kid,” Tyrner said in an interview. “‘SVB is going under,'” her partner texted, said Tyrner. “‘We have to get our funds out, please approve this wire.'”
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U.S. Treasury says Silicon Valley Bank, Signature Bank ‘not being bailed out’New policies adopted on Sunday by U.S. banking regulators will “wipe out” equity and bondholders in Silicon Valley Bank and Signature Bank of New York while protecting all customer deposits, a senior U.S. Treasury official said. | Reuters
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Worry for tech startups after Silicon Valley Bank failureSilicon Valley Bank’s stunning collapse has led to the freezing of tens of billions of dollars stored there by startups and their private equity backers, raising fears of a wider tech sector fallout. | AFP
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Silicon Valley Bank staff offered 45 days of work at 1.5 times payEmployees of Silicon Valley Bank were offered 45 days of employment at one and a half times their salary by the Federal Deposit Insurance Corp, the US regulator that took control of the collapsed lender, according to an email to staff seen by Reuters.
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Silicon Valley Bank's demise began with downgrade threat – sourcesDetails of Silicon Valley Bank's failed response to the prospect of a Moody's Investors Service downgrade show how quickly confidence in financial institutions can erode.
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Silicon Valley Bank staff offered 45 days of work at 1.5 times payThe collapsed Silicon Valley Bank had a workforce of 8,528 at the end of 2022.
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UK races to minimize damage from Silicon Valley Bank collapseMore than 250 UK tech firm executives sign a letter calling for government intervention and warning of an 'existential threat' to the UK tech sector.
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