SVB Goes Under
SVB was one of, if not the most pre-eminent financial institutions to which the startup world has been harnessed for decades. It’s always a shock to see the demise of such a household name and, leading up to today, things were looking bleak for a lot of players in the tech ecosystem.
The US Treasury Secretary, however, announced it will be backing deposits made at SVB, which means founders will be able to access their funds and go on to service payroll and other key costs.
What about the U.K.?
At the same time, on this side of the pond, HSBC swooped in, acquired the U.K. arm of SVB for £1, and is looking to continue running their operations. We welcome this swift move from HSBC, with whom we recently partnered on a deal and wish them the best of luck for this new challenge.
During the past 5 days, it’s been incredible to see how 99% of the startup/scaleup Tech community stood strong and stuck together in the face of adversity. These black swan events are always worrying and, while disaster may have been averted this time, such a change in market conditions demands a re-evaluation of short-term strategies for everybody.
At Fuse Capital, we are independent advisors with 10 years of experience in the scaleup financing world and navigate the same ecosystem as that of SVB.
Thankfully our business has not been affected in any way and nor were most private/ venture debt partners we work with.
Whether you’re a Founder simply concerned about the future of tech financing, a CFO thinking about refinancing options, or a funding partner looking to discuss the unravelling of recent events, our door is open.
We can help you navigate these choppy waters. Together, we’re stronger.