ZeroHedge - On a long enough timeline, the survival rate for everyone drops to zero

We now know for a fact that in addition to serving a legion of startups and fledgling businesses, SVB was a go-to bank for tech industry giants, including some that have kept their relationships with the bank confidential.

  • The $1 billion that Sequoia, the firm famous for backing iconic companies including Apple, Google and WhatsApp, had at SVB made up a fraction of its $85 billion assets under management. In addition to maintaining its own accounts at the lender, the firm also recommended every startup it backed do the same, Michael Moritz, a partner at the firm, wrote in the Financial Times. A representative for Sequoia declined to comment on the depositor list.

  • Kanzhun, which had $902.9 million in deposits with SVB according to the document, didn’t respond to multiple emailed requests for comment. The company, which was heavily backed by Chinese giant Tencent before it went public on the Nasdaq in 2021, was among the largest Chinese companies to IPO in the US that year.

  • Altos Labs Inc., a life sciences startup that works on cell regeneration, had $680.3 million in deposits with the bank. The privately held company has raised $3.27 billion from billionaires including Jeff Bezos and Yuri Milner, as well as Mubadala Investment Company and other investors. An Altos representative declined to comment.

  • Payments startup Marqeta Inc. had $634.5 million at the bank, according to the document. In a statement, the firm acknowledged that it had “significant deposits” at SVB, but was already in the process of moving money to other banks. “While Marqeta supported the decision to guarantee all deposits at the bank, our ability to execute as a business and meet our financial obligations would not have been impacted, even if it was a longer resolution process” the firm said.

  • IntraFi Network, which provides deposit services to financial institutions, had $410.9 million worth of deposits at the bank, according to the document. However, in a statement, the firm said that it didn’t actually have any of its own money with the lender, nor was it a client. The amount, rather, represents the funds of almost 2,000 different depositors whose balances were fully insured when SVB collapsed, according to IntraFi.

  • Crypto stablecoin company Circle Internet Financial Ltd. previously disclosed its SVB deposits, which at the time represented 8.2% of the reserves backing its USD Coin. A spokesman said the company had no additional comment. The USD Coin, which is intended to maintain a 1-to-1 peg to the dollar, briefly drifted from that $1 level on the news of Circle’s exposure. The document listed it as SVB’s biggest depositor with a balance of $3.3 billion.

  • Streaming set-top box maker Roku Inc. also previously disclosed having roughly 26% of its cash and cash equivalents parked at the bank. The document listed its balance at $420 million. A Roku spokesman declined further comment.

  • Fintech company Bill.com previously disclosed it had roughly $670 million at the bank. The firm said the amount included about $300 million of its money and $370 million that belonged to customers. A company spokesman declined further comment. The FDIC document listed Bill.com’s total balance at $761.1 million.

Finally, Silicon Valley Bank and parent SVB Financial Group were both listed as having a combined $4.6 billion in deposits. SVB Financial has argued in its bankruptcy case that at least $2 billion in deposits the parent had with the bank should be returned. Federal regulators have said SVB Financial must apply to the bank’s receiver for that money.