Analysis

March 14, 2023

‘It was terrifying’: 48 nightmare hours for European tech founders as SVB collapsed

Millions stuck in inaccessible bank accounts and plans to close offices and cut jobs — the nightmare that was the SVB weekend for founders


The Alphabeta Building, where SVB UK is based

“The 48 hours over the weekend were terrifying and one of the most difficult things I’ve faced as a founder,” says Tim Chong. His fintech Yonder had the “majority” of its cash deposited with Silicon Valley Bank UK before last week’s rollercoaster.

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Yonder's three ex-Clearscore founders
Tim Chong, left, with Yonder's founding team
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Rajeeb Dey, founder and CEO at Learnerbly
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Kai Nicol-Schwarz

Kai Nicol-Schwarz was a senior reporter at Sifted. He covered AI and UK tech.

Miriam Partington

Miriam Partington was a senior reporter at Sifted, based in Berlin. She covered the DACH region and the future of work, and wrote Startup Life , a weekly newsletter on what it takes to build a startup.

Sadia Nowshin

Sadia Nowshin was a reporter at Sifted covering foodtech, biotech and startup life. Follow her on X and LinkedIn

Zosia Wanat

Zosia Wanat was a senior reporter at Sifted. She covered the CEE region and policy. Follow her on X and LinkedIn

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