Australian Tech Firms Face Difficulties Following Silicon Valley Bank’s Demise

Australian Tech Firms Face Difficulties Following Silicon Valley Bank’s Demise
People line up outside of the shuttered Silicon Valley Bank (SVB) headquarters in Santa Clara, Calif., on March 10, 2023. Justin Sullivan/Getty Images
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The sudden collapse of Silicon Valley Bank (SVB) in the United States has spelt trouble for a number of Australian technology companies.

While no significant losses were reported as the U.S. Federal Reserve stepped in to stabilise the banking system, the collapse caused some disruptions in business activities as many firms were temporarily unable to access their deposits.
Alfred Bui
Alfred Bui
Author
Alfred Bui is an Australian reporter based in Melbourne and focuses on local and business news. He is a former small business owner and has two master’s degrees in business and business law. Contact him at [email protected].
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