Subscribe to Updates

    Get the latest creative news from FooBar about art, design and business.

    What's Hot

    ONDC to open its platform for fintech services like credit, insurance

    September 28, 2023

    Fintech firm Bright Money raises $62 mn in equity, debt round

    September 27, 2023

    Are “everything apps” the future of fintech?

    September 26, 2023
    Facebook Twitter Instagram
    Your Fintech
    • Finance
    Your Fintech
    Home»Finance»Fintech startup Brex got billions of dollars in Silicon Valley Bank deposits
    Finance

    Fintech startup Brex got billions of dollars in Silicon Valley Bank deposits

    yourfintechBy yourfintechMarch 13, 2023Updated:March 13, 2023No Comments2 Mins Read
    Facebook Twitter Pinterest LinkedIn Tumblr WhatsApp VKontakte Email
    Share
    Facebook Twitter LinkedIn Pinterest Email
    • Fintech startup Brex received billions of dollars in deposits from Silicon Valley Bank customers on Thursday, CNBC has learned.
    • Other companies including JPMorgan Chase, Morgan Stanley, and First Republic also saw heightened inflows Thursday, as SVB’s stock tanked amid VC-fueled concerns of a bank run.
    • The exodus of deposits put increased pressure on SVB, which attempted to raise equity funding earlier this week and had turned to a potential sale, CNBC reported. Regulators shut down the bank Friday

    Fintech startup Brex received billions of dollars in deposits from Silicon Valley Bank customers on Thursday, CNBC has learned.

    The company, itself a high-flying startup, has benefited after venture capital firms advised their portfolio companies to withdraw funds from Silicon Valley Bank this week.

    Brex opened thousands of new accounts totaling billions of dollars in inflows on Thursday, said a person with direct knowledge of the situation. By midday Friday, regulators shut down SVB and took control of its deposits, according to the Federal Deposit Insurance Corp.

    Other companies including JPMorgan Chase
    , Morgan Stanley
    and First Republic
    also saw heightened inflows Thursday, as SVB’s stock tanked amid VC-fueled concerns of a bank run. The dramatic decline in SVB shares sparked a sector-wide sell-off that reminded some startup founders of what happened during the 2008 financial crisis. Earlier this week, crypto-focused bank Silvergate
    said it was winding down operations.

    Brex declined to comment on its inflows.

    The exodus of deposits Thursday put increased pressure on SVB, which attempted to raise equity funding earlier this week and had turned to a potential sale, CNBC reported.

    Share. Facebook Twitter Pinterest LinkedIn Tumblr WhatsApp Email
    Previous ArticleCo-living operator Settl revenue to jump 3-fold to Rs 20 cr in FY23
    Next Article ‘Crucial to prepare for moving funds’ Fintech major Razorpay shares how start-ups can make it happen
    yourfintech
    • Website

    Related Posts

    ONDC to open its platform for fintech services like credit, insurance

    September 28, 2023

    Fintech firm Bright Money raises $62 mn in equity, debt round

    September 27, 2023

    Are “everything apps” the future of fintech?

    September 26, 2023

    SIDBI signs pact with DLAI to boost fintech sector

    September 25, 2023

    Leave A Reply Cancel Reply

    Our Picks

    Subscribe to Updates

    Get the latest creative news from SmartMag about art & design.

    About Us
    About Us

    We provide a wide range of customized, integrated B2B and B2C digital marketing services solutions that are ideal for your business.

    We're accepting new partnerships right now.

    Email Us: info@yourmartech.com
    Contact: +1-530-518-1420

    Our Brands
    • Your Martech
    • Your HRtech
    • Your Revenue
    • Your Biotech
    • Your Infotech
    • Your POStech
    • Your Healthtech
    Subscribe Now
    Loading
    LinkedIn
    • Privacy Policy
    © 2022 Vigarbiz Inc. Designed by Vigarbiz Media

    Type above and press Enter to search. Press Esc to cancel.