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The Independent UK
The Independent UK
National
Kat Stafford and Claire Savage

Silicon Valley Bank collapse concerns founders of color

2023 Associated Press All Right Reserved

In the hours after some of Silicon Valley Bank’s biggest customers started pulling out their money, a WhatsApp group of startup founders who are immigrants of color ballooned to more than 1,000 members.

Questions flowed as the bank’s financial status worsened. Some desperately sought advice: Could they open an account at a larger bank without a Social Security Number? Others questioned whether they had to physically be at a bank to open an account, because they're visiting parents overseas.

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