After weathering recession and military conflicts, Israel's high-tech sector could be facing its biggest test yet as the collapse of Silicon Valley Bank removes a key funding source and a proposed judicial overhaul threatens the bedrock of corporate law
Meanwhile, the shekel has dropped to a three-year low versus the U.S. dollar on expectations of a drop in foreign direct investment from $15 billion last year and a record $27 billion in 2021.
Initially, Balter thought the remaining 30% was lost but he regained access once regulators took over. "It would have been very painful," he said. "Before I foresaw a scenario where we lost most of our operating cash."said it was able to move $1 billion back to local accounts before U.S. regulators took control, about half the amount estimated to have been returned, according to the investors.
Citing the judicial reforms, Adam Fisher, a partner at investment firm Bessemer Venture Partners, said fewer American banks may be willing to lend to Israeli companies, which means less competition and more onerous terms.A top executive at an Israeli bank also said that while he saw an opportunity to boost lending to startups, local banks alone would not be able to fill the vacuum left by SVB.
A handful of large U.S. banks have offered deposit accounts to those affected by SVB's failure, Samid said, while fintech firm Brex said it had too. Others have offered emergency liquidity but at higher rates.
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