Silicon Valley Bank: Lessons learned from failed ‘tech bank’

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The UK-based tech firms that had accounts with Silicon Valley Bank are struggling to find a new banking partner in the aftermath of the bank’s decision to withdraw from the UK. The bank was a popular choice for many emerging tech firms, offering them banking services, lending and investment opportunities. However, the bank has decided to close its UK operations due to the uncertainty surrounding Brexit. UK-based tech firms, which have accounts with Silicon Valley Bank, will be forced to find a new banking partner, which may not be easy given their status as emerging businesses with limited operating history. Many of these firms were drawn to the bank for its reputation as a tech-focused lender with a network of offices in key global tech hubs. The news of the bank’s departure has increased the uncertainty surrounding the future of tech firms in the UK. Some of the affected UK tech firms have expressed their disappointment at the bank’s decision to pull out of the UK. They believe that the bank’s withdrawal is a setback for the tech ecosystem in the UK, which is already grappling with challenges such as access to talent, funding and support services.

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