Silicon Valley Bank collapse: Which Irish and European companies are affected?

Silicon Valley Bank Collapse: Which Irish And European Companies Are Affected?
Police officers leave Silicon Valley Bank's headquarters in Santa Clara, California. Photo: Noah Berger/AFP via Getty
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Startup-focused lender Silicon Valley Bank (SVB) became the largest bank to fail since the 2008 financial crisis last week, sending shockwaves across global markets as billions of dollars belonging to companies and investors were left stranded.

The collapse raised concerns that the end of decades-long era of cheap money would reveal cracks in the global financial system as climbing interest rates expose vulnerabilities in the economy.


Below is a list of companies based in Ireland, Europe and across the globe that have revealed their exposure to SVB.


Around 16 tech and life sciences companies in Europe have disclosed about $190 million (€178 million) in exposure to SVB in the UK and the United States.

Glantus Holdings

Ireland-based software provider says it uses SVB for its US operations and its maximum exposure is expected to only slightly exceed $250,000 (€234,000), which is insured by the US Federal Deposit Insurance Corporation (FDIC).



The Danish firm, which runs a global review platform, says SVB UK was its principal banking partner, with $36 million held in the bank and $18 million is currently in transfer out of SVB UK but pending confirmation


The technology and solutions provider to the pharma industry warns of material uncertainty over its ability to service its working capital in the short term. It had most of its £22.2 million (€24.9 million) in cash in SVB accounts and tried to move its cash before SVB's closure but the transaction is pending.



The digital advertising services provider says about £3.8 million was held across a variety of different currency accounts with SVB and SVB UK, and it is actively working to recover these deposits.

Zealand Pharma

The Danish drug developer has deposits totalling 162.6 million Danish crowns (€21.7 million) at SVB, which was about 15 per cent of the group's liquid funds.


Pharming Group

The biopharmaceutical company says it has $26 million of deposits at SVB US, and expects to not bear any losses on these deposits.


The Sweden-based investment firm says its pro rata share of SVB deposits amounts to less than $20 million.


RWS Holdings

The intellectual property services provider says a small cash position held within SVB in the US is expected to be fully protected under Federal Deposit Insurance Corporation Scheme. It adds that SVB UK holds a portion of its forward currency contracts.

Auction Technology Group

The UK-based technology company says it had a senior facilities arrangement with a syndicate of six banks of which SVB represents one sixth of the respective drawn and undrawn amounts on the facilities.


The UK-based SaaS provider says it had about £3.2 million of cash in accounts with SVB, its principal bank, split between the US and the UK as of March 9th.

Yourgene health

The molecular diagnostics company says it has a term loan facility with SVB UK and believes its SVB deposits are protected by relevant insurance schemes in UK and the US.


The British technology company says total exposure above the amounts protected by the Federal Deposit Insurance Corp Scheme and the Financial Services Compensation Scheme is less than 0.5 per cent of the company's cash position of $22.2 million.


The Italian semiconductor and microelectronics firm says its exposure to SVB represents 2.5 per cent of its cash and cash equivalent. A broker estimates this at about €10 million.

North America


Online gaming firm says about 5 per cent of its $3 billion cash and securities balance, or about $150 million, as of February 28th were held with SVB.


Streaming devices maker says it has about $487 million, or 26 per cent of its cash and cash equivalents, held in deposits with SVB.


US cryptocurrency firm Circle says $3.3 billion of its $40 billion of USD Coin reserves are at SVB.


Bankrupt crypto lender BlockFi has roughly $227 million in unprotected funds at SVB, the Wall Street Journal reported on Friday.

Vir Biotechnology

Biotech firm says it maintains operating accounts at SVB with about $220 million as of Friday.


Residential solar company Sunrun says it has cash deposits with SVB totaling nearly $80 million, while SVB's undrawn commitment in the non-recourse senior aggregation warehouse facility is about $40 million.

Oak Street Health

Healthcare firm says SVB is lender for $300 million term loan credit facility along with Hercules Capital, of which company has drawn $75 million.


Nitro Software

Australia's productivity software maker Nitro Software Ltd said it had about $12.18 million of its global cash reserves held on deposit at SVB. Nitro, which is in process of being acquired by private equity firm Potentia Capital, said the development does not impact the takeover offer


Australian buy-now-pay-later firm Sezzle said it had about $1.2 million of its total cash and cash equivalents held at SVB, adding that funds on deposit with SVB are not material to its ongoing business or operations.


Australian accounting software maker Xero said it did not have a material exposure to SVB, with total exposure at $5 million as at March 10th.


Australian location-based services provider Life360 said it estimated its exposure to be up to $5.6 million, with no significant disruption to operations.

Kuwait Finance House

The bank says it has $1.2 million exposure to SVB but has no material financial impact from the fallout.

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