Silicon Valley Bank, which described itself as the “financial partner of the innovation economy,” provided services to nearly half of all venture-backed technology and life-science companies in the United States, according to its website.
Several companies disclosed in filings significant deposits in the bank. Concerned about making payroll, companies raced to transfer deposits out of the bank.
On Sunday, regulators in the United States took the unusual step of guaranteeing all deposits at the lender. Typically, only deposits up to $250,000 are insured by the Federal Deposit Insurance Corporation.
Here are some of Silicon Valley Bank’s clients:
Roku, the maker of the streaming media player, said in a U.S. Securities and Exchange Commission filing on Friday that roughly $487 million, or 26 percent, of its $1.9 billion in cash was tied up with Silicon Valley Bank. Its deposits were “largely uninsured,” Roku said, and it did not know “to what extent” it would be able to recover them, but added that it believed it had enough cash for the next twelve months.
iRhythm Technologies, which sells a wearable device that monitors cardiac patterns, said in a filing on Monday that about one-fourth of its $213.1 million cash holdings were in operating accounts held at Silicon Valley Bank. It also had a $35 million term loan outstanding with SVB. The company added that it had $134.3 million in short-term investments held in accounts outside of SVB that could be available in the near term, if needed.
Roblox, the gaming company, said in a filing that about 5 percent of its $3 billion in cash and securities balance were held at the bank, but added that it would not affect its daily operations.
Vox Media, the publisher of New York Magazine and The Verge, has a substantial concentration of cash at Silicon Valley Bank and used credit cards that were issued by the bank. Those credit cards ceased to work on Friday.
Circle, a blockchain-based payments company, wrote on Twitter on Saturday that $3.3 billion of its USD Coin cryptocurrency was still held by the bank.Silicon Valley Bank was one of six banks the company used to manage roughly a quarter of the USDC reserves it kept in cash, Circle added.