12/21/2023 0 Comments Bank bust![]() Silicon Valley Bank's implosion is the largest American bank failure since the 2008 financial crisis. That pregnant pause, between hitting send and waiting to see whether the transfer went through, is illustrative of the nail-biting state of limbo that many tech startups found themselves enduring in recent days. "It was a very large sum of money," he said of the transfer that he attempted to make over the weekend. While he declined to disclose the exact amount that he had deposited at SVB, he noted that Shelf Engine has raised around $60 million from investors since the company was founded. ![]() "We woke up this morning hoping the money would be in that JPMorgan bank account, and it was not." ![]() "Unfortunately, our wire was not honored and our money is still at Silicon Valley Bank," Kalb, 37, said in an interview on Friday. He and his team quickly opened an account at JPMorgan Chase and attempted to wire transfer every last penny out of Silicon Valley Bank. Not only did Silicon Valley Bank help the company process checks and payments, but millions of dollars of the startup's cash was locked up in the bank. For Shelf Engine, a 40-person startup founded in 2015 that uses artificial intelligence to help grocery stores reduce food waste, this was a big problem.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |