This news came as a surprise to many in the startup community, as Silvergate Bank had been making efforts to rebrand itself as a more conventional bank in recent months. However, despite these reassurances from the company, its decision to wind down operations seems like it may have come sooner than expected. This could signal some growing challenges for the banking industry overall, and may force startups that are looking for more conventional banking options to reconsider their options.
The stock tumbled on the news, dropping as much as 20% in after-hours trading. The company’s shares have been under pressure for months now, exacerbated by a note from the bank and regulatory inquiry. However, analysts say that there is some good news on the horizon – they anticipate that earnings will be released on schedule later this month.
Money is a hot topic in the startup world. While some startups focus exclusively on developing new products or services, others turn to money as a way to finance their operations. So how do startups go about finding and raising capital? And
The new big banking news making waves in startup circles is the launch of Venmo, a new app that lets users quickly and easily pay each other for goods and services. The app has already become quite popular with young people who use it to settle debts, but the company is hoping to expand its reach
The Silicon Valley Bank (SVB) announced last week that it was raising capital via a share sale, taking a $1.8 billion charge to divest itself of low-yield assets and double its term borrowing. The move signals the bank’s commitment to supporting the technology sector and its startups, which have been struggling with stiff competition from larger firms.