Before it crashed, Silicon Valley Bank was known to many startups and venture firms as the place to park their money or take out a capital line. But for emerging managers, it was a lot more than just a financial institution. Multiple emerging managers told TechCrunch+ that SVB was instrumental in helping them build their […]readmore
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March 20, 2023
Welcome to The Interchange! If you received this in your inbox, thank you for signing up and your vote of confidence. If you’re reading this as a post on our site, sign up here so you can receive it directly in the future. Mary Ann is on a much deserved break this week, so I […]readmore
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March 19, 2023
W elcome to the TechCrunch Exchange, a weekly startups-and-markets newsletter. It’s inspired by the daily TechCrunch+ column where it gets its name. Want it in your inbox every Saturday? Sign up here. It’s too early to fully anticipate all of the consequences of Silicon Valley Bank’s collapse. But there is one prediction I am ready […]readmore
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March 18, 2023
As a serial entrepreneur who has famously endured some ups and downs, Parker Conrad thought he’d seen it all. Still, he never imagined that there would be a run on Silicon Valley Bank that would upend Rippling, his six-year-old workforce management company, a run so severe that Rippling would liquidate $130 million in money market […]readmore
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March 18, 2023
It’s too early to determine whether SVB’s downfall heralds a new era for venture capital, but based on anecdotal evidence, off-the-record discussions and chats with co-workers, it seems like we’re back to business as usual as far as pre-revenue startup fundraising is concerned. Not a scientific sampling, but I noticed that several investors signaled this […]readmore
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March 18, 2023
Hello, and welcome back to Equity, a podcast about the business of startups, where we unpack the numbers and nuance behind the headlines. Today, we’re celebrating Equity’s 6th birthday! Thankfully, it fell during the easiest, slowest news cycle we’ve had since the beginning of the grocery delivery wars and WeWork. Just kidding. Alex and Natasha […]readmore
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March 18, 2023
Silicon Valley Bank is a good reminder that startups, often entrenched in the world of risk and scrappiness, sometimes forget to think about the obvious: single points of failure. But just like it makes sense to rely on a community-friendly bank, so does entrusting a single person to lead your business to success. Now that […]readmore
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March 18, 2023
One week after trading was halted for SVB Financial and regulators took control of the holding company for Silicon Valley Bank and other subsidiaries, SVB Financial has taken the next inevitable step: Today it announced that it has formally filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the Southern District of […]readmore
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March 17, 2023
Founders are still shaking off the dust a week after Silicon Valley Bank’s collapse. Rumors are swirling about who might be looking to buy the beleaguered bank’s assets. Some of the top firms urged their portfolio managers to diversify their assets as the bank was collapsing, and are continuing to do so, even though regulators […]readmore
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March 17, 2023
Following a shakeup in the U.S. banking system over the past week, crypto exchanges and wallets gained momentum as some look for bankless alternatives. The top 10 crypto applications for exchanges and wallets have risen about 15% since Silicon Valley Bank’s stock fell 60% last week, according to a chart from real-time app data provider […]readmore
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March 17, 2023
An agreement among a group of the nation’s largest banks to deposit some $30 billion with First Republic Bank could be coming this week, according to a Bloomberg report. Bloomberg reports that banks said to be involved in this deal include JPMorgan Chase & Co., Citigroup Inc., Bank of America Corp., Wells Fargo & Co., […]readmore
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March 17, 2023
On Friday, the Federal Deposit Insurance Corporation announced that it had taken over Silicon Valley Bank, and as we rushed to plan coverage, one of my colleagues succinctly described the situation: “This is historic shit.” A week later, we can all agree they were right. But a lot has happened, and unless it’s your job […]readmore
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March 15, 2023
To get a roundup of TechCrunch’s biggest and most important stories delivered to your inbox every day at 3 p.m. PDT, subscribe here. Imagine being a tech reporter coming back after a few lovely days at Disney World with the family, only to discover that the entire startup ecosystem is in turmoil after a major […]readmore
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March 15, 2023
The crypto industry lost a number of banking on- and off-ramps due to the recent turmoil in the U.S. banking industry, signaling that there may be a shift in the space toward decentralization and a need for regulation going forward. Last week, Silvergate Capital, Silicon Valley Bank and Signature Bank all shut down or were […]readmore
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March 15, 2023
SVB’s new CEO Tim Mayopoulos has had a lot to say in the 24 hours since he joined the bank on Monday. In a private Zoom meeting run by SVB for a select number of LPs and investors, he asked clients to return deposits to the institution: “That’s the single-most important thing you can do […]readmore
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March 14, 2023
As the situation is starting to solidify around Silicon Valley Bank, many international companies that interacted in one way or another with the regional U.S. bank are now trying to understand the implications of the bank failure. Regulators in Canada and Germany have decided to freeze Silicon Valley Bank’s branches in these respective countries — […]readmore
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March 13, 2023
Signature Bank is the second casualty of the ongoing banking crisis in the U.S. The New York-based financial institution stopped operating abruptly on Sunday — customers will be made whole. Regulators said that Signature Bank also caused a systemic risk and could threaten the U.S. banking system. In other words, the government is stepping up […]readmore
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March 13, 2023
HSBC UK is acquiring Silicon Valley Bank UK for a symbolic £1. The deal comes after a tense weekend of frantic negotiations by the U.K. government, regulators and a suite of other potential suitors in the wake of the U.K. business, a subsidiary of the troubled U.S. entity, entering insolvency procedures on Friday. The deal […]readmore
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March 13, 2023
U.K. tech founders, investors, and ecosystem leaders have been giving their reactions to the news that SVB UK will be rescued by HSBC. The bank purchased the operation for a nominal £1 overnight, averting insolvency proceedings that were due to start this morning. It said that it will be “business as usual” for its customers, […]readmore
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March 13, 2023
Update: HSBC is now buying SVB UK. Full story here. Earlier story continues below. In the U.S. today, The Federal Deposit Insurance Corp. continued the auction process for the beleaguered Silicon Valley Bank, with final bids due by Sunday afternoon, according to Bloomberg. Any agreed sale may not be known until late Sunday, if at […]readmore