We all know that Silicon Valley Bank is going through tough times. Even as the bank’s top administrator urged everyone to remain calm, renowned venture capitalists like Coatue Management, Union Square Ventures, and Founders Fund have recommended portfolio businesses to pull out their funds from the bank.
Moving funds from an old, trustworthy, and friendly place to a new bank is challenging. Plenty of choices exist, and you must find the best one for you and your business as soon as possible.
Here’s a list of other banks you can opt for while looking for an alternative to the silicon valley bank.
1. First Republic Bank: You can reach out to [email protected]. 303-918-7920. The First Republic Bank teams are working tonight to support affected companies.
2. Morgan Stanley: You can shift your funds to Morgan Stanley in asset management without any requirement for Social Security Number (SSN). They give healthy interest rates as well. Please drop an email at [email protected], in case you require an intro to their team.
3. Chase Bank: You can connect with Neil / +1 (408) 644-5406 from Chase Bank in the Bay area, especially if yours is a $1-$25 million startup. He is available till late at night today if anyone wants to open a business account in Chase. The best part is he can get you started tonight!
4. Truly Financial: They provide FDIC Insure Checking Accounts. They will help you set up an account on a priority basis and move your money (No Limit) too. You can contact Kanchan at [email protected] or simply apply here https://trulyfinancial.com/
One of the founders was able to open a new account in a record time of 12 hours.
5. Mercury: Hannah Maguire can help you set up the accounts. You can reach out to her at [email protected].
6. Bank of America: They have a robust online banking system. Their operations run smoothly, and you will not face any issues. Though, you might have to figure out if it can be done online or if you need to visit the bank.
You can reach Sandhya Nanda at Bank of America. Please get in touch with her at (678) 839-9957 or [email protected].
7. Brex: Brex is known for credit cards but also provides bank accounts.
1. Using a large, well-capitalized bank to park your funds is highly recommended.
2. Use a modern, Neo-bank for day-to-day banking needs, as large banks, especially the international and/or cross-border ones, generally suck as far as payments are concerned.
3. If you want to focus mainly on US banking and payments, there are good options, such as BoA, Chase, Citibank, Capital One, BNY Mellon, and PNC.
(Note: Citibank and HSBC are constantly re-evaluating retail banking, which includes SMB banking. Therefore, it’s not a big focus for them).
4. For day-to-day banking and payments, US banking, along with Cross border transactions, you can opt for Wise or Truly Financial.
5. For US banking alone, Mercury, Bluevine, Relay, and Novo would be better options.
The Silicon Valley Bank (SVB), America, is one of the most luxurious lenders in the private market ecosystem. Unfortunately, it has been involved in a major crisis. After a slowdown in funding and the company moving to shore up capital after losses on its securities portfolio, SVB Financial Group bonds alongside its shares dropped. Many have been comparing the SVB crisis with the Lehman Brothers crisis. People have been speculating that increased macroeconomic uncertainty, rising interest rates, and high cash burn among SVB’s clients are responsible for creating challenging circumstances for the business.
A Fortune.com report states that the 40-year-old bank is associated with more than 50% of all venture-backed companies in the US. In 2022, venture or private equity funds constituted approximately 56% of the bank’s global banking portfolio.
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