The fallout from the collapse of Silicon Valley Bank is starting to spread around the world.SVB’s UK unit is set to be declared insolvent, has already ceased trading and is no longer taking new customers. Startup founders are panicking about accessing money and paying employees. “Many businesses will be sent into involuntary liquidation overnight.”The UK is just the beginning. Founders are warning that the bank’s failure could wipe out startups around the world without government intervention. “British startups need the Treasury to step in fast,” he said.

Source: Economic Times March 12, 2023 03:49 UTC