SVB News/News/ SVB UK still funding loans after HSBC buyout, say sources SVB UK approved a credit loan to a fintech client yesterday By Tim Smith and Amy Lewin 14 March 2023 \SVB News ‘It was pretty chaotic’: The roundtable that got the UK government to act on SVB By Steph Bailey 17 March 2023 SVB News/News/ SVB UK still funding loans after HSBC buyout, say sources SVB UK approved a credit loan to a fintech client yesterday By Tim Smith and Amy Lewin 14 March 2023 SVB UK is still offering loans to the tech sector and letting customers access pre-existing loans after its buyout by HSBC, according to messages from SVB UK staff seen by Sifted. The continuation of service will come as a relief to SVB UK’s customers, though it’s unclear whether HSBC will opt to maintain these services in the long term. The bank allowed a client to access cash as part of a pre-existing loan yesterday, according to one message. Another said that SVB UK would continue as a standalone entity within HSBC and operations would continue as before for now. SVB UK also approved a new credit line to a fintech client yesterday and is pushing to sign off on the deal next week, according to one source with direct knowledge of operations at the bank. SVB UK — once a wholly owned subsidiary of the US bank, which collapsed last Friday — has become a major venture debt lender and provider of credit to VCs in recent years. Last year it was involved in some significant deals, including Paddle’s $200m Series D and the $115m debt component to Wagestream’s Series C. Sifted reached out to SVB UK for comment, and was referred to a Monday tweet stating that normal operations have resumed. Following the announcement that @HSBC_UK has acquired SVB UK, we’re resuming normal operations from today. Our clients should not notice any significant changes, however, there may be short delays across the next few days as we return to business as usual. Thanks for the support — Silicon Valley Bank UK (@SVB_UK) March 13, 2023 But while it looks as though there’s not any immediate disruption to SVB UK’s debt financing operations, one former employee of the bank tells Sifted that it might be “business as usual for now”, but HSBC still needs “to figure out exactly what it’s bought”. Sifted has also contacted HSBC for comment. Tim Smith is senior reporter at Sifted. He tweets from @timmpsmith Amy Lewin is Sifted’s editor and cohost of Startup Europe — The Sifted Podcast, and writes Up Round, a weekly newsletter on VC. She tweets from @amyrlewin Related Articles Big questions remain over SVB’s lending business By Amy O'Brien and Tim Smith Click here to read more SVB UK: the latest on the startup bank’s collapse — and sale to HSBC By Sifted reporters Click here to read more What’s the best way to raise emergency funding for SVB-affected startups? By Amy O'Brien and Tim Smith Click here to read more Silicon Valley Bank UK falls too By Amy Lewin Click here to read more Most Read 1 \Startup Life UK government to reform ‘equity for visas’ residency application system 2 \Fintech Is Revolut really worth $33bn right now? 3 \Startup Life Techstars unexpectedly pulls out of Sweden mid-programme 4 \Deeptech The other funding gap: it’s not just unicorns that are leaving Europe 5 \Deeptech ‘There’s going to be a bloodbath’ — is generative AI a bubble?