TOP STORY– How Silicon Valley Bank’s closure will affect African start-ups
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GUEST – CHRIS MAURICE: CEO AND CO-FOUNDER, YELLOW CARD
Yesterday, news broke that Silicon Valley Bank, the bank of choice for most startups and venture capitalists, was shut down by the Federal Deposit Insurance Corporation (FDIC). The closure was triggered by a bank run that began after the bank announced that it lost $1.8 billion in the sale of treasuries and securities. Without clear communication, many customers took those losses as a sign to take their money out of the bank
Yesterday, news broke that Silicon Valley Bank, the bank of choice for most startups and venture capitalists, was shut down by the Federal Deposit Insurance Corporation (FDIC). The closure was triggered by a bank run that began after the bank announced that it lost $1.8 billion in the sale of treasuries and securities. Without clear communication, many customers took those losses as a sign to take their money out of the bank
