The Silicon Valley Bank crisis is rocking start-ups

Silicon Valley Bank

The US deposit insurance has taken control of the ailing institution.

(Photo: IMAGO/Zoonar)

San Francisco, Austin Christian Byza waits in vain for his money. An investor had instructed a six-digit sum, but the amount did not reach the CEO of the digital learning platform learn.xyz. The payment didn’t go out, Byza replies when he follows up on his lender. Their account is with the Silicon Valley Bank (SVB).

“Hang in tight”, hold on, advised the investor, said Byza. She will find an alternative, but that will take some time. “It’s not so bad for us, other founders can no longer pay their staff,” the company founder fears. The US technology industry was caught off guard by the biggest bank failure since the financial crisis.

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