Startups across the US, UK and Australia have had their fears confirmed that banking will feel much more ‘traditional’ in the wake of the Silicon Valley Bank collapse, potentially stifling innovation and ambition. The collapse and aftermath serves as a reminder that we need greater global banking competition, particularly in the technology industry, to serve… Read more »
The collapse of Silicon Valley Bank in California, along with US crypto-focused Silvergate and Signature banks, has provoked financial regulator the Australian Prudential Regulatory Authority (APRA) to ramp up scrutiny of how exposed local bank are to cryptocurrency and startups. Reports emerged this week that APRA is already asking banks to increase their reporting on… Read more »
The Santa Clara, California-based Silicon Valley Bank (SVB) has collapsed. This is the second-largest banking failure in US history and the largest failure since the Global Financial Crisis. The US government has stepped in to protect depositors. The government will not bail out SVB. Shareholders are not protected. The deposit protection is funded by a special impost… Read more »
Privately-owned design platform Canva is among multiple Australian tech companies with funds stuck in Silicon Valley Bank (SVB), which was seized by Californian regulators on Friday after customers tried and failed to withdraw an estimated US$40 billion in funds. After an anxious weekend wondering if they’d see their money again, US officials stepped in earlier… Read more »
The US Treasury Department has intervened to guarantee deposits following the collapse of Silicon Valley Bank (SVB) and halt broader bank run jitters. Secretary of the Treasury Janet Yellen, Federal Reserve Board chair Jerome Powell, and Federal Deposit Insurance Corporation (FDIC) chair Martin Gruenberg released a joint statement on Sunday night, US time, amid concerns of… Read more »
Silicon Valley Bank, which catered to the tech industry for three decades, collapsed on March 10, 2023, after the Santa Clara, California-based lender suffered from an old-fashioned bank run. State regulators seized the bank and made the Federal Deposit Insurance Corporation its receiver. SVB, as it’s known, was the biggest U.S. lender to fail since… Read more »
Daily startup news and insights, delivered to your inbox.
