Members of Canada’s technology sector say they’re worried the collapse of the Silicon Valley Bank (SVB) will have a chilling effect on investments in the already-hampered sector.
They say some Canadian startups have been worried about cash flow and many are fretting how they’ll raise their next round of funding after U.S. regulators closed the California bank on Friday, when its clients rushed to withdraw billions of dollars as they feared for the organization’s solvency.
U.S. regulators, including the Federal Deposit Insurance Corporation (FDIC), have since announced plans to safeguard the financial system and honour all the bank’s deposits. Canada’s Office of the Superintendent of Financial Institutions (OSFI) said Sunday that it would seize the bank’s Canadian assets….