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YC isn’t the only set of companies that used Svb, they’re probably representative of the distribution of startups that need banking
by philkuz 4y ago
YC isn’t the only set of companies that used Svb, they’re probably representative of the distribution of startups that need banking
- ryanSrich 4y agoRoughly 50% of all venture backed startups in the US have an SVB account. So yes, it's much larger than just YC.
- chrisandchris 4y agoHow could someone think that this was a really good idea? It's like joining a pension fund with the average insured being over 50. Distribute risk whenever possible.
- ryanSrich 4y agoGenerally agree. I run a startup and we have a few bank accounts. Luckily we were able to pull what we had in SVB (around 35% of cash reserves) on Thursday. I think a lot of startups are in this situation. They have SVB accounts, but likely don’t have all of their money in there. One thing to remember, SVB is very founder friendly. Often giving companies favorable lines of credit, giving founders favorable mortgages, etc. They helped us tremendously with our PPP loan, and are also deeply integrated with products like Stripe Atlas.