Tagged: silicon valley bank

March 29, 2023 @ 9:11 am By JD Alois  |  

Federal regulators will return to Capitol Hill today to continue the discussion on the events that led up to the failure of multiple banks at a hearing of the House Financial Services Committee. Yesterday, regulators testified in front of the Senate Banking Committee. While little… Read More

March 21, 2023 @ 9:43 am By JD Alois  |  

Eric Vanraes, Portfolio Manager of the Strategic Bond Opportunities Fund at Eric Sturdza Investments, has distributed a warning on the consequences of the Credit Suisse debacle. In the past week, Credit Suisse was acquired by UBS in a deal supported by the Swiss government. The move… Read More

March 20, 2023 @ 10:07 pm By Omar Faridi  |  

The Monetary Authority of Singapore (MAS) recently said that Singapore’s banking system “remains sound and resilient amid heightened volatility in global financial markets following the recent closure of banks in the US.” The Singapore Dollar money market and foreign exchange market “continue to function well.”… Read More

March 20, 2023 @ 7:03 pm By JD Alois  |  

The House Financial Services Committee is demanding answers on how regulators failed in their oversight of Silicon Valley Bank and Signature Bank. Chair of the Committee, Patrick McHenry, has been joined by the Ranking Member of the Senate Committee on Banking, Tim Scott, are requesting… Read More

March 17, 2023 @ 11:11 am By Omar Faridi  |  

Vouch reportedly joins peers like Fintech Unicorn Brex in order to support Silicon Valley Bank (SVB) and “reinforce the startup ecosystem’s health and stability.” In an effort to ensure the ongoing health and stability of the startup ecosystem, Vouch announces its commitment “to continue working… Read More

March 15, 2023 @ 7:30 pm By JD Alois  |  

Brex, a neobank providing various services for businesses to manage  their finances, has taken some heat today as Kenneth Ballenegger hammered the platform on Twitter for announcing a “massive devaluation with zero notice period of their rewards points.” Ballenegger, formerly of Republic/AngelList, is a VC… Read More

March 15, 2023 @ 3:47 pm By JD Alois  |  

The Swiss Financial Market Supervisory Authority (FINMA) and the Swiss National Bank (SNB) have issued a joint statement on “market uncertainty.” The statement follows the rapid decline in the share value of Credit Suisse (NYSE:CS). The global bank is viewed as the worst home in… Read More

March 15, 2023 @ 2:43 pm By Omar Faridi  |  

Global asset manager and tech lender Liquidity Group is reportedly planning “to offer about $3 billion in emergency loans to start-up clients hit by the collapse of Silicon Valley Bank.” Liquidity has “about $1.2 billion ready in cash to make available in the coming weeks,”… Read More

March 15, 2023 @ 7:17 am By Omar Faridi  |  

A Fintech firm’s Chief Executive Officer is reportedly attempting to secure over $1 billion in order to fund bridge loans for startups that have been affected by the spectacular collapse of Silicon Valley Bank (SVB). Fintech Unicorn Brex CEO Henrique Dubugras recently revealed that he’s… Read More

March 14, 2023 @ 5:01 pm By JD Alois  |  

Tasneem Dohadwala, Founding Partner of VC Excelstar Ventures, has shared her thoughts on the demise of several banks and the federal government’s decision to guarantee all deposits. Some observers have criticized the “government bailout” while others have noted that if the Feds had not taken… Read More

March 14, 2023 @ 11:41 am By JD Alois  |  

The US Department of Justice (DOJ) and the Securities and Exchange Commission (SEC) have launched investigations into Silicon Valley Bank’s (SVB) failure. Last Friday, federal regulators took over the bank as customers rushed to pull money out of the bank due to concerns about its… Read More

March 13, 2023 @ 4:10 pm By JD Alois  |  

The Federal Reserve Board has announced that Vice Chair for Supervision Michael S. Barr will be leading a review of the supervision and regulation of Silicon Valley Bank, in light of its failure. The Fed said the review would be publicly released by May 1,… Read More

March 13, 2023 @ 11:23 am By JD Alois  |  

Following the announcement last night by federal regulators that all deposits at Silicon Valley Bank (NASDAQ:SIVB) would be guaranteed, Circle CEO issued a statement on the company’s dollar-based stablecoin, USDC, as any risk was eliminated from Circle’s relationship with SVB. As was reported last week,… Read More

March 13, 2023 @ 8:49 am By Omar Faridi  |  

The Bundesbank reportedly convened its crisis team on Monday (March 13, 2023) in order to assess the impact of the fallout of the US-based lender Silicon Valley Bank (NASDAQ:SIVB) on the domestic market, even while no emergency action or measures were expected in Europe. As… Read More

March 12, 2023 @ 6:47 pm By JD Alois  |  

The US Department of Treasury, FDIC and Federal Reserve have joined to protect all account holders at the Silicon Valley Bank (NASDAQ:SIVB), which was taken over by the federal government on Friday. The exceptional action means that accounts holding over $250,000 will have access to… Read More

March 12, 2023 @ 4:47 pm By JD Alois  |  

Republic, the largest securities crowdfunding platform in the world, has distributed a note indicating that it has “limited exposure” to Silicon Valley Bank (NASDAQ:SIVB), the top venture-focused bank that is based in California but also has a significant presence in other top innovation hubs. Republic… Read More

March 11, 2023 @ 6:03 pm By JD Alois  |  

Following an initial statement that it held a separate balance sheet from Silicon Valley Bank (NASDAQ:SIVB) in the US, Silicon Valley Bank UK has announced it will move into insolvency following a discussion with UK banking regulators. SVB UK took on a similar role to… Read More

March 11, 2023 @ 1:35 pm By JD Alois  |  

The demise of Silicon Valley Bank (NASDAQ:SIVB) has shocked everyone. Last week, SVB announced that it was raising both debt and equity capital to shore up its balance sheet.  The bank that provides services to almost half of all venture-backed tech firms gave the all-clear… Read More

March 10, 2023 @ 5:51 pm By JD Alois  |  

SoFi (NASDAQ:SOFI) has posted an 8-K stating it does not hold any cash at Silicon Valley Bank (NASDAQ:SIVB). The Fintech said it does have a small $40 million lending facility with the bank. The statement is as follows: “SoFi Technologies, Inc. informs its investors that… Read More

March 10, 2023 @ 5:47 pm By JD Alois  |  

The dust is still settling following the collapse of Silicon Valley Bank (NASDAQ:SIVB). While greater clarity may arise next week, clients of the bank are scrambling to figure out what they have and what they may not hold. Following the market close, LendingClub (NYSE:LC), a… Read More