PYMNTS.com March 26, 2023
Startups are worried that the Silicon Valley Bank collapse could bring about their own.
That’s according to a report Saturday (March 25) by the Financial Times (FT), which cites interviews with more than a dozen investors and founders.
Silicon Valley Bank’s (SVB) collapse “will have a devastating impact on the ecosystem,” said Alessandro Chesser, CEO of startup Dynasty, which helps people create living trusts.
“Larger companies relying on venture debt are in lots of trouble right now,” he added. “Unless things turn around quickly we’re going to see a lot of high value startups going out of business.”
SVB was taken over by the Federal Deposit Insurance Corp. (FDIC) earlier this month following a run on deposits. It was one...
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