SVB Collapse
SVB Fallout Spreads Around World From London to Singapore
- More than 100 founders and CEOs are writing to UK Chancellor
- SVB’s collapse has led to cash crunch for startups globally
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The fallout from the collapse of Silicon Valley Bank is beginning to spread around the world.
Startup founders in California’s Bay Area are panicking about access to money and paying employees. Fears of contagion have reached Canada, India and China. In the UK, SVB’s unit is set to be declared insolvent, has already ceased trading and is no longer taking new customers. On Saturday, the leaders of roughly 180 tech companies sent a letter calling on UK Chancellor Jeremy Hunt to intervene.