Silicon Valley Bank's competitors, Bridge Bank and JPMorgan Chase, are stepping in to fill the startup void after its collapse.
Financial institutions Mercury and Brex are also offering debt to startups.
Out of the companies that Kruze Consulting manages, nearly half opened new accounts with JPMorgan.
- Additionally, Mercury and Brex secured 20% and 8% of its accounts, respectively.
- JPMorgan doubled down on its efforts to support late-stage tech and pre-IPO startups following SVB's collapse.
- Rival banks are also hiring SVB's top executives.
- Last week, Stifel Financial hired three SVB executives.
- Five Star Bank is also looking at hiring many SVB employees.
First Citizens Bank agreed to acquire SVB's assets for $500M worth of stock offering to FDIC.
- First Citizens will receive $110B worth of assets, nearly $73B of loans, and $56B in deposits from the transaction.
- The bank intends to capitalize on SVB's existing relationships with startups and venture capitalists.
