Member Article

US tech bank opens UK arm

Greg Becker, President and CEO of Silicon Valley Bank.

US headquartered Silicon Valley Bank has opened a new branch in London, hoping to play a part in the UK technology industry.

The hi-tech bank has opened the branch to serve local and international businesses, and it is the first US bank to open a commercial branch in the UK in several years.

SVB will target life sciences, cleantech, private equity and venture capital industries, offering current and deposit accounts, loans, cash management services, trade finance and foreign exchange,

The Chancellor, George Osborne, said: said: “The news that Silicon Valley Bank is launching a full banking service in London is yet more proof that the UK is fast becoming the technology centre of Europe.

“The knowledge, expertise and dedication that Silicon Valley Bank brings to the ecosystem is another important step toward our objective to make the UK the best place to start and grow the great technology companies of the future.”

The bank has worked with some of the most successful technology brands across the world, including the likes of Cisco, Mozilla and Pinterest.

Banking with some of the top investors in the sector, including NEA, Sequoia Capital and Silver Lake, SVB has become an important fixture in the industry.

Phil Cox, Head of UK, Israel and India for Silicon Valley Bank, added: “Silicon Valley Bank’s offering is unique in the UK.

“As a sector-focused organisation, we are highly specialised in our approach, fast-paced, and consider our deep expertise, dedication to the innovation space and unrivalled network of relationship contacts around the world to be clear differentiators.

“We have seen a marked shift in recent years in our chosen niche industries’ activity within the UK. The elements of an emerging and effective technology ecosystem are all around us: first class universities, an entrepreneurial and business ownership culture, investors, the emergence of technology clusters and the support for the sector within the UK government are all very positive indicators.

“Building on our credentials of supporting technology firms in the US, we are excited to be able to help the UK’s entrepreneurs meet and exceed their ambitious goals.”

The Foundry, Shazam and Mimecast are among the bank’s established UK customers, as well as venture firms such as Index Ventures and Balderton Capital.

Keith Lovell, CFO of Shazam, said: “SVB understands our business and clearly wants us to succeed as much we do – they are a true partner, offering flexible financing solutions, great networking opportunities, excellent and personable client service and an in-depth knowledge of the global innovation ecosystem.”

SVB Financial Group, the parent company of Silicon Valley Bank, has expanded globally in recent years, opening offices in the Israel, India and China.

Greg Becker, CEO and President of Silicon Valley Bank, added: “The opening of a Silicon Valley Bank branch in London signals a significant step in the evolution of the technology sector in the UK at a time when there is strong government support for a thriving community of local innovation businesses.

“The UK branch opening is a key milestone for us and, more significantly, an example of how important high-growth technology, life science and cleantech businesses and their investors are to the global economy.

“Our clients are doing remarkable things. We are excited to be a part of their success and thrilled to be open for business in the UK.”

This was posted in Bdaily's Members' News section by Tom Keighley .