There will be no shortage of institutions with eyes on the $300bn of venture-capital dry powder waiting to be ploughed into startups. But SVB’s collapse will scale back Silicon Valley’s ambitions in other ways
is a tough place to be a banker. Startup bosses call with references but no revenue. Loans can seldom be secured against physical assets. Many clients fail.netted nearly half of America’s venture-backed technology and life-science firms as clients by providing what a venture capitalist calls the “the white-glove, red-carpet treatment”.
Yet relationships between fintechs and regional banks, which have suffered in the wake ofThe big banks are likely to be the main custodians of Silicon Valley’s cash in future. Bank of America, Citigroup and JPMorgan Chase can scarcely open accounts fast enough. Once there, startups can expect a safer, if less intimate, service. Call it the grey-carpet treatment. On March 13th, a multinational behemoth. The new business will account for less than 1% of loans, deposits and profits at the firm.
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