The Bank of London has confirmed an offer for SVB UK as start-up founders warned Jeremy Hunt that its collapse will 'cripple' the British tech sector, Sky News learns
Oaknorth is a business lender founded by a prominent former Conservative Party donor, Rishi Khosla, and was valued at nearly $3bn in a funding round in 2021.
UK depositors stand to receive up to £85,000 as part of the resolution of the British arm of SVB, sparking fears about the fate of substantial amounts of funding in the start-up community. In a draft letter seen by Sky News, founders including those from Adzuna, Signal AI, JustPark and Thriva called on Mr Hunt to intervene.
"This weekend the majority of us as tech founders are running numbers to see if we are potentially technically insolvent."The Bank of England's assessment that SVB going into administration would have limited impact on the UK economy displays a dangerous lack of understanding of the sector and the role it plays in the wider economy, both today and in the future."
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