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‘It was horrifying’: Startup founders vow to learn lessons of ‘traumatic’ Silicon Valley Bank near miss

HSBC swooped to rescue embattled lender on 13 March after weekend of talks

The potential of SVB UK collapsing had raised fears for the broader tech industry — about 3,300 of Britain’s startups were SVB UK clients last week
The potential of SVB UK collapsing had raised fears for the broader tech industry — about 3,300 of Britain’s startups were SVB UK clients last week Photo: Philip Pacheco/Getty Images

British startup founders are preparing to lower their exposure to Silicon Valley Bank significantly after the failed technology lender’s UK arm was narrowly rescued from insolvency via a buyout by HSBC on 13 March.

Hephzi Pemberton, founder of diversity startup Equality Group, said 90% of the company’s funds were frozen in SVB UK over the weekend, but that will be “a lot less” in future.

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