SVB Rivals Benefit From Startups Seeking New Home for Funds
- Mercury, First Republic, Jiko among beneficiaries of SVB death
- Bigger banks — JPMorgan, Goldman — also stand to gain
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A few banks benefited from some startups that withdrew funds from the now-failed Silicon Valley Bank.
The chief executive officer of Mercury, Immad Akhund, tweeted that his “DMs + emails are going a little crazy” and posted a link for those seeking to open an account. The company describes itself as “financial technology company, not a bank,” on its website. Its banking services are provided by Choice Financial Group and Evolve Bank & Trust.