Payments firm Wise says it has ‘minimal’ exposure to Silicon Valley Bank | – #Payments #firm #Wise #minimal #exposure #Silicon #Valley #Bank

LONDON, March 12 (Reuters) – Payments firm Wise announced on Sunday that it was holding money in Silicon Valley Bank, the largest Europe company, but a spokesman said the firm faced “minimal exposure”.

SVB Financial Group ( SIVB.O ), which focuses on tech startups 20The largest since the 08 financial crisis bank turned into a crash, roiling global markets, sending stocks tumbling and creating uncertainty over whether tech founders would be able to pay their workers.

London-based Wise, formerly known as TransferWise, 9 each month billion from the pound sterling (10,83 billion dollars) carries out many cross-border operations. The firm maintains a small cash balance in a corporate account at SVB, a company spokesman told Reuters.

“Our SVB is a part of them along with six other big banks credit facility and through a small cash balance in the operating corporate account, we have minimal exposure,” said the spokesperson.

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“This is not a material amount and is only part of the facility we have with SVB,” they said.

Wise last year provided operating capital to companies with SVB and six other banks, including Citibank and JP Morgan credit signed a 300 million pound loan deal.

A number of financial industry executives and investors have warned that the bank’s collapse could create a domino effect for other banks unless regulators find a buyer to protect uninsured deposits over the weekend.

On Sunday, British finance minister Jeremy Hunt, the head of SVB Britain to “avoid or minimize damage” caused by the chaos surrounding his arm Prime Minister He said he worked with Rishi Sunak and Bank of England Governor Andrew Bailey.

More than 250 UK tech firm executives signed a letter to Hunt on Saturday, calling for government intervention and warning of an “existential threat” to the UK’s tech sector.

($1 = £0.8314)

By Martin Coulter report; Edited by Hugh Lawson and Frank Jack Daniel

Our standards: Thomson Reuters Trust Principles.

2023-03-13 00:51:06
Source – reuters

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