By Zuko Komisa
How Silicon Valley Bank’s closure will affect African start-ups.
There’s been widespread shock following the closure of Silicon Valley Bank and the impact it will have on African start-ups.
Silicon Valley Bank (SVB) which is based in Santa Clara, California caters to the tech industry and venture capital funds across the world that invest in startups.
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Kaya Biz with Gugulethu Mfuphi spoke to Chris Maurice, CEO and CO-Founder of Yellow Card about how the unfolding events with the bank closure will affect SA start-ups.
LISTEN TO THE FULL CONVERSATION HERE:
According to Financial Times, SVB Financial Group’s shares plunged more than 60% last Thursday as the tech-focused bank tried to strengthen its balance sheet, stoking concerns about its solvency.
Shares reached a 52-week low of $106.04 (R1933) on Thursday after closing at $267.83 on Wednesday and $597.16 on Thursday.
The bank experienced a substantial decline that caused its market cap to drop below $6.25 billion, surprising many investors and clients.
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