As Silicon Valley Bank UK imploded at the start of March, fintech start-ups were among those scrambling to get money out of the troubled US lender that specialised in funding the technology sector.
“I spoke to their managing director for fintech on Friday noon — he assured me everything was fine,” said one founder. A few hours later, his company had just three months of payroll accessible, with £2mn locked up with SVB UK, the bank’s local subsidiary.
SVB UK’s £1 fire sale to HSBC stabilised the situation, safeguarding deposits. But relief has been tinged with concern that one of the few lenders willing to back innovative start-ups faces an uncertain future, subsumed by a giant of the UK’s banking sector.
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