How has Silicon Valley Bank's collapse impacted African tech start-ups?
The sudden collapse of a top Silicon Valley lender has pushed founders of Africa focused tech-start-ups to figure out their financial exposure
The collapse of the Silicon Valley Bank also known as SVB in California has dominated the news recently. But what’s it got to do with Africa? Well it’s important because African start-ups leave a lot of their money in US banks.
SVB was a major player in the tech industry and invested in start-ups around the world. The bank’s demise at the same time as another lender has been described as the biggest bank failure in the US since the 2008 financial crisis. This week, SVB’s assets and loans were bought by another US bank. The situation has drawn attention to the reliance Africa’s tech entrepreneurs place on banking abroad. Africa Daily's Alan Kasujja probes the impact of SVB's shutdown on Africa’s start-ups, in conversations with the creator of the Big Tech This Week newsletter, Fatu Ogwuche and Eche Emole, co-founder of African start-up, Afropolitan.
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