After they famously imploded in March 2023, you could possibly be forgiven for considering that Silicon Valley Financial institution’s fintech enterprise was finished. Not so.
This time final yr SVB was nonetheless the go-to financial institution for fintech corporations, with the overwhelming majority of venture-backed companies as shoppers. That modified in March.
In a captivating replace to start out the yr, our personal Katherine Heires spoke to specialists each inside and outdoors the financial institution to get the heart beat of the place issues stand now.
The SVB enterprise debt enterprise remains 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 reminiscent of 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 more durable to shut offers.
To not point out the truth that fintech corporations have moved their major 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, however it nonetheless has a sturdy fintech enterprise.
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2024 Replace on Silicon Valley Financial institution: Fintech Focus Persists Whereas Competitors Heats Up
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Silicon Valley Financial institution remains to be open for enterprise for fintech corporations. In some ways, regardless that it’s now a part of First Residents Financial institution, it is vitally just like what it was earlier than, not less than from a fintech perspective.
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