After they famously imploded in March 2023, you can be forgiven for pondering that Silicon Valley Financial institution’s fintech enterprise was executed. Not so.
This time final 12 months SVB was nonetheless the go-to financial institution for fintech firms, with the overwhelming majority of venture-backed corporations as purchasers. That modified in March.
In an enchanting replace to start out the 12 months, our personal Katherine Heires spoke to specialists each inside and outdoors the financial institution to get the heartbeat of the place issues stand now.
The SVB enterprise debt enterprise remains to be alive and effectively inside First Residents Financial institution with 173 new loans originated in Q3 2023 within the tech and healthcare house. It closed new offers in 2023 with fintechs corresponding to SoFi, Settle, Obtain and Silo.
The large distinction is that this. Whereas earlier than, SVB loved the lion’s share of the enterprise debt marketplace for fintech, there are new gamers within the house and SVB has to work tougher to shut offers.
To not point out the truth that fintech firms have moved their major checking account into one of many main banks. Most startups now have a number of banking relationships.
SVB not enjoys the unparalleled place of energy it as soon as had, however it nonetheless has a strong fintech enterprise.
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Silicon Valley Financial institution remains to be open for enterprise for fintech firms. In some ways, regardless that it’s now a part of First Residents Financial institution, it is rather just like what it was earlier than, no less than from a fintech perspective.
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