When Silicon Valley Bank collapsed in March, the banking industry faced a wave of competition and left startups and investors both scrambling to find a new place to invest their money.
Four banks on TechCrunch Disrupt Fintech Stage spoke about how they are filling the gap left by SVB and what they are doing to offer startups and investors new alternatives in a post-SVB world.
Among them were a group of scientists who had enlisted the help of other scientists on the panel.
At that time, both companies were inundated with phone calls from concerned startups trying to find a new home for their money.
Mercury had $2 billion and 3,000 customers come its way in a short period of time, which grew from there, Mr. Akhund said. Over at Piermont, it was all about a frenzy of just opening accounts. Fortunately, since Piermont was here, he was alive and well.
It is just so much room for improvement in banking, he said. Banks should be amazing. We're launching things every week. It's just a different view on banking? We just started four-and-a-half years ago, and we have gone from zero to having a significant share of startups. Mercury Raise, Mercury's new product, launched today, offers a free suite of tools, programs and networks for founders looking to raise capital.
Typically, your financing needs also have grown and scaled, Smith said. The most important factor in choosing a banking partner is safety and stability.