FALL FROM GRACE

Wave, Chipper Cash… how the collapse of Silicon Valley Bank could affect African tech

By Quentin Velluet

Posted on Tuesday, 14 March 2023 17:08
The headquarters of Silicon Valley Bank (SVB) in Santa Clara, California, on March 13, 2023. © NOAH BERGER/AFP

Several start-ups and investors focused on the continent have received financial support in recent years from Silicon Valley Bank, specialised in tech. After a run on its deposits, the bank was placed into emergency receivership by US authorities. 

Since 9 March, global finance and its beneficiaries have been closely following the latest developments related to the failure of Silicon Valley Bank (SVB), which has been taken over by the Federal Deposit Insurance Corporation (FDIC),the US authority that protects depositors of insured banks.

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