Isa Watson, founder of voice-only social messaging app Squad, was on a plane when she got the news: Silicon Valley Bank had collapsed, and the Federal Deposit Insurance Corporation had taken over.
Prior to the crash, Watson was a depositor at Silicon Valley Bank, using it as the primary bank for all of her business expenses, including cloud services, databases and products that her developers and designers use to collaborate.
By Friday, March 10, regulators shuttered the bank and seized its deposits in what would become the largest U.S. bank failure since the 2008 financial crisis and the second-largest bank failure in U.S. history.
Source : SVB’s collapse was agonizing, particularly for Black founder, says CEO