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After they famously imploded in March 2023, you possibly can be forgiven for pondering that Silicon Valley Financial institution’s fintech enterprise was performed. Not so.
This time final 12 months SVB was nonetheless the go-to financial institution for fintech corporations, with the overwhelming majority of venture-backed companies as purchasers. That modified in March.
In an interesting replace to start out the 12 months, our personal Katherine Heires spoke to specialists each inside and out of doors the financial institution to get the heartbeat of the place issues stand now.
The SVB enterprise debt enterprise continues to be alive and properly 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 resembling 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 corporations have moved their main checking account into one of many main banks. Most startups now have a number of banking relationships.
SVB now not enjoys the unparalleled place of power it as soon as had, but it surely nonetheless has a strong fintech enterprise.
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2024 Replace on Silicon Valley Financial institution: Fintech Focus Persists Whereas Competitors Heats Up
By Katherine Heires
Silicon Valley Financial institution continues to be open for enterprise for fintech corporations. In some ways, though it’s now a part of First Residents Financial institution, it is extremely much like what it was earlier than, at the very least from a fintech perspective.
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