FACTBOX-Which companies are affected by SVB collapse?


Reuters | Updated: 13-03-2023 17:29 IST | Created: 13-03-2023 17:07 IST
FACTBOX-Which companies are affected by SVB collapse?
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Startup-focused lender SVB Financial Group became the largest bank to fail since the 2008 financial crisis last week, sending shockwaves across global markets as billions of dollars belonging to companies and investors were left stranded.

The collapse raised concerns that the end of decades-long era of cheap money would reveal cracks in the global financial system as climbing interest rates expose vulnerabilities in the economy. Below is a list of companies across the globe that have revealed their exposure to SVB:

NORTH AMERICA ROBLOX

Online gaming firm says

about 5% of its $3 billion cash and securities balance, or about $150 million, as of Feb. 28 were held with SVB. ROKU

Streaming devices maker says

it has about $487 million, or 26% of its cash and cash equivalents, held in deposits with SVB. CIRCLE

US cryptocurrency firm Circle says

$3.3 billion of its $40 billion of USD Coin reserves are at SVB. BLOCKFI

Bankrupt crypto lender BlockFi Inc has roughly $227 million in unprotected funds at SVB, the Wall Street Journal reported on Friday. VIR BIOTECHNOLOGY

Biotech firm says

it maintains operating accounts at SVB with about $220 million as of Friday. Sunrun

Residential solar company Sunrun Inc says it has cash deposits with SVB totaling nearly $80 million, while SVB's undrawn commitment in the non-recourse senior aggregation warehouse facility is about $40 million. OAK STREET HEALTH INC

Healthcare firm says

SVB is lender for $300 million term loan credit facility along with Hercules Capital Inc, of which company has drawn $75 million. EUROPE

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. TRUSTPILOT GROUP PLC

The Danish firm, which runs a global review platform, says SVB UK was its principal banking partner, with $36 million held in the bank and $18 million is currently in transfer out of SVB UK but pending confirmation DIACEUTICS

The technology and solutions provider to the pharma industry warns of material uncertainty over its ability to service its working capital in the short term. It had most of its 22.2 million pounds in cash in SVB accounts and tried to move its cash before SVB's closure but the transaction is pending DIANOMI

The digital advertising services provider says about 3.8 million pounds was held across a variety of different currency accounts with SVB and SVBUK, and it is actively working to recover these deposits GLANTUS HOLDINGS

Ireland-based SaaS provider says it uses SVB for its U.S. operations and its maximum exposure is expected to only slightly exceed $250,000, which is insured by FDIC ZEALAND PHARMA

The Danish drug developer has deposits totalling 162.6 million Danish crowns ($23.4 million) at SVB, which was about 15% of the group's liquid funds PHARMING GROUP NV

The biopharmaceutical company says it has $26 million of deposits at SVB U.S., and expects to not bear any losses on these deposits KINNEVIK AB

The Sweden-based investment firm says its pro rata share of SVB deposits amounts to less than $20 million RWS HOLDINGS PLC

The intellectual property services provider says a small cash position held within SVB in U.S. is expected to be fully protected under Federal Deposit Insurance Corporation Scheme. It adds that SVB UK holds a portion of its forward currency contracts AUCTION TECHNOLOGY GROUP

The UK-based technology company says it had a senior facilities arrangement with a syndicate of six banks of which SVB represents one sixth of the respective drawn and undrawn amounts on the facilities PCI-PAL

The UK-based SaaS provider says it had about 3.2 million pounds of cash in accounts with SVB, its principal bank, split between the U.S. and the UK as of March 9 YOURGENE HEALTH PLC

The molecular diagnostics company says it has a term loan facility with SVB UK and believes its SVB deposits are protected by relevant insurance schemes in UK and the U.S. WINDWARD LTD

The British technology company says total exposure above the amounts protected by the Federal Deposit Insurance Corp Scheme and the Financial Services Compensation Scheme is less than 0.5% of the company's cash position of $22.2 million TECHNOPROBE SPA

The Italian semiconductor and microelectronics firm says its exposure to SVB represents 2.5% of its cash and cash equivalent. A broker estimates this at about 10 million euros ($10.71 million) ASIA-PACIFIC

NITRO SOFTWARE Australia's productivity software maker Nitro Software Ltd said it had about $12.18 million of its global cash reserves held on deposit at SVB. Nitro, which is in process of being acquired by private equity firm Potentia Capital, said the development does not impact the takeover offer

SEZZLE INC Australian buy-now-pay-later firm Sezzle Inc said it had about $1.2 million of its total cash and cash equivalents held at SVB, adding that funds on deposit with SVB are not material to its ongoing business or operations

XERO LTD Australian accounting software maker Xero Ltd said it did not have a material exposure to SVB, with total exposure at $5 million as at March 10

LIFE360 INC Australian location-based services provider Life360 Inc said it estimated its exposure to be up to $5.6 million, with no significant disruption to operations

KUWAIT FINANCE HOUSE The bank says it has $1.2 million exposure to SVB but has no material financial impact from the fallout

($1 = 0.9338 euros) 

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)

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