Silicon Valley Bank shutdown leaves start-ups anxious about their funds

Silicon Valley start-ups are scrambling to pay staff and identify sources of back-up funding after regulators shut down Silicon Valley Bank, stranding deposits that serve as the lifeblood of many early-stage technology companies.

March 12, 2023 . 1:53 AM

1 min read

Silicon Valley Bank shutdown leaves start-ups anxious about their funds.
Regulators stepped in and shut down Silicon Valley Bank on Friday morning, stranding deposits that serve as the lifeblood of many early-stage technology companies.
Garry Tan, president of Y Combinator, said the shutdown could be an 'extinction level event' for start-ups and set them back 10 years.
Start-ups and investors rushed to pull funds from SVB on Thursday and open accounts at rivals.
FDIC said clients will get access to insured deposits by Monday morning.