Valued at £37bn just a year ago
SILICON Valley Bank (SVB) is a crucial lender for start-up tech and healthcare companies in the US.
Founded in 1982 and based in the Californian city of Santa Clara, the financier is one of the oldest and largest banks in Silicon Valley and manages most of the area’s local deposits. Its collapse marks a swift fall from grace for a lender that was valued at more than £37bn a year ago.
At the end of last year, it held around £175bn in assets.
It mainly focuses on lending cash to technology firms and offering services to private equity and venture capital groups to invest in the sector.
Its UK arm has supported several notable tech groups including review website Trustpilot and software firm Learning Technologies.
Boss Greg Becker found himself scrambling to shore up confidence in the bank as the rapidly escalating crisis caused many of its backers to pull out their money, leaving it facing a cash crunch.
In a hastily organised call on Thursday, Becker, 52, advised SVB’s beleaguered backers and founders to ‘stay calm’, saying ‘the last thing we need you to do is panic.’