Feeds

Silicon Valley Bank lures Brit startups with sacks of cash

Sci-tech fund pump opens Blighty branch

Internet Security Threat Report 2014

US tech-loving bank Silicon Valley has opened its first branch in the UK to offer cash and services to Britain’s IT startups.

Silicon Valley Bank has $20bn in assets and will be targeting the tech, life science, private equity and venture capital industries in the UK.

Chancellor George Osborne reckoned the bank’s move was “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,” he said in a canned statement.

Silicon Valley Bank has been knocking around the UK since 2004 through its SVB Financial Group, so it already counts tech firms The Foundry, Shazam and Mimecast among its customers. Now that the bank has a branch in London, it will be working with venture firms including Index Ventures and Balderton Capital.

SVB has 27 offices in the US and six other international operations in China, India and Israel, all offering loans and banking services. Its US customers have included Cisco, Evernote, Mozilla and Pinterest and claims to be working with "more than 50 per cent of all venture capital-backed technology and life science companies" in the United States.

The bank has carved out a niche for itself by offering loans and services to startups, which don’t usually have the sort of financial records a traditional bank looks for.

“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,” said Phil Cox, the bank’s head of UK, Israel and India. ®

Internet Security Threat Report 2014

More from The Register

next story
Docker's app containers are coming to Windows Server, says Microsoft
MS chases app deployment speeds already enjoyed by Linux devs
IBM storage revenues sink: 'We are disappointed,' says CEO
Time to put the storage biz up for sale?
'Hmm, why CAN'T I run a water pipe through that rack of media servers?'
Leaving Las Vegas for Armenia kludging and Dubai dune bashing
'Urika': Cray unveils new 1,500-core big data crunching monster
6TB of DRAM, 38TB of SSD flash and 120TB of disk storage
Facebook slurps 'paste sites' for STOLEN passwords, sprinkles on hash and salt
Zuck's ad empire DOESN'T see details in plain text. Phew!
SDI wars: WTF is software defined infrastructure?
This time we play for ALL the marbles
Windows 10: Forget Cloudobile, put Security and Privacy First
But - dammit - It would be insane to say 'don't collect, because NSA'
prev story

Whitepapers

Forging a new future with identity relationship management
Learn about ForgeRock's next generation IRM platform and how it is designed to empower CEOS's and enterprises to engage with consumers.
Cloud and hybrid-cloud data protection for VMware
Learn how quick and easy it is to configure backups and perform restores for VMware environments.
Three 1TB solid state scorchers up for grabs
Big SSDs can be expensive but think big and think free because you could be the lucky winner of one of three 1TB Samsung SSD 840 EVO drives that we’re giving away worth over £300 apiece.
Reg Reader Research: SaaS based Email and Office Productivity Tools
Read this Reg reader report which provides advice and guidance for SMBs towards the use of SaaS based email and Office productivity tools.
Security for virtualized datacentres
Legacy security solutions are inefficient due to the architectural differences between physical and virtual environments.