IN PICS | Tech, Crypto, Media: Companies Impacted By Silicon Valley Bank Collapse

The failure of a major start-up Silicon Valley Bank (SVB) has heightened worries among depositors of the bank. Reuters has compiled a list of firms that have deposits in the bank

SVB Crisis: Check The List Of Companies Impacted By US Bank Collapse

Silicon Valley Bank (SVB), regarded as one of the major lender for venture capital-backed firms, especially for tech start-ups, was seized by California banking regulators on Friday. The closing of SVB is seen as a major bank failure since Washington Mutual during the height of the 2008 financial crisis.

According to the Reuters report, North American firms in the US have reported over $4 billion in deposits, besides various credit facilities. This includes firms from the online gaming sector to rocket makers.

Roblox, an online gaming firm, has about 5 per cent of its $3 billion cash and securities balance held with the Bank as of February 28. Buzzfeed, a digital media company, has major of its $56 million held with the SVB.

Roku, a streaming devices maker, has about $487 million, or 26 per cent of its cash and cash equivalents, held in deposits with SVB.

Astra Space Inc, an aerospace firm, said that 15 per cent of its total cash deposits were held with SVB as of March 10. Another rocket maker Rocket Lab USA said it had deposit accounts with SVB with an aggregate balance of about $38 million as of December 31.

US crypto firm Circle had $3.3 billion of its $40 billion USD Coin reserves at SVB. BlockFi Inc, a bankrupt crypto lender, had roughly $227 million in unprotected funds at SVB.

The report also said that around 16 tech and life sciences companies in Europe have disclosed about $190 million in exposure to SVB in the UK and the United States.

Several Australian firms have also disclosed their exposure to SVB, including, Nitro Software Ltd ($12.18 million), Sezzle Inc ( $1.2 million), Xero Ltd ($5 million), and Life360 Inc ($5.6 million).