Founded in 1983, the bank became a dominant banking services partner for technology startups. Silicon Valley Bank’s recent clients included 44% of the venture capital backed U.S. companies that went public in 2022.
Silicon Valley Bank had been tech’s financing rock star, the bank of choice of new and emerging companies. Then the tech downturn hit.
Silicon Valley Bank’s crash reportedly prompted Founders Fund, the venture capital firm founded by Peter Thiel, to advise its companies to pull their money out, citing worries of the company’s financial stability. The meltdown also rattled Wall Street and the global market, triggering a sell off over concerns about the impact of rising interest rates on the financial services industry.
“When things were going really, really well in 2021 and 2022, lots of startups were raising money and putting money in SVB,” Verschuere said. “When you’re a startup and you’re receiving more and more funding, that was great” for Silicon Valley Bank. SFUSD's delay of algebra 1 has created a nightmare of workarounds SFUSD's delay of algebra 1 has created a nightmare of workarounds
“They apparently thought interest rates weren’t going to rise that quickly after 14 years of low rates,” Todd Baker, a senior fellow with the Richman Center for Business, Law and Public Policy, told The Examiner. Becker also stressed that Silicon Valley Bank has “a proven, recession-tested management team to successfully navigate this market cycle.”
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