Mercury Takes Aim At Replacing Silicon Valley Bank As Tech Hubs Go-To Bank And Lender

In this photo illustration, Silicon Valley Bank (SVB) logo is seen on a smartphone and Citizens Financial Group Inc. logo on a pc screen. SVB collapsed on March 13, 2023, as regulators from both the fed and the state officials had taken over the bank due to insolvency. PAVLO GONCHAR/BENZINGA

Silicon Valley Bank’s (SVB) shocking collapse has paved the way for other banks and financial institutions to step up and meet the growing demand for venture debt. Following the SVB collapse, consistent with their entrepreneurial spirit, dozens of startups raced to provide alternatives.

General views of First Citizens Bank on March 28, 2023, in Hollywood, California. First Citizens Bank bought SVB agreeing to take over the liabilities and assets as the FDIC will continue to be the receiver. AARONP/BAUER-GRIFFIN/BENZINGA