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Thursday, Dec 07, 2023

The Silicon Valley Bank’s collapse effect is spreading around the world, affecting startup companies across the globe

More than 100 founders and CEOs are now writing to the UK Chancellor pleading for help, after the collapse of Silicon Valley Bank has led to a significant cash crunch for startups globally.
SVB’s UK unit is set to be declared insolvent after already halting trading and no longer accepting new clients.

On Saturday, the leaders of roughly 180 tech companies sent a letter to UK Chancellor, Jeremy Hunt, urging him to intervene.

They state that the collapse of Silicon Valley Bank, a key provider of financial support and mentorship to UK startups, will have a devastating impact on the country's digital economy.

In Israel more than 1,000 startups and tech companies worry about their billions of dollars deposits at SVB.

Many startup founders in Poland, India, Hungary and Latin America are panicking as they struggle to access money and pay their employees.

This situation has caused concern across the globe as SVB has been instrumental in providing support and funding to startup companies in many countries, including Poland, Israel, India, and Hungary.

We will continue to follow this story and bring you more updates as it unfolds.

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