{"id":582650,"date":"2023-03-12T00:00:00","date_gmt":"2023-03-12T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/03\/12\/silicon-valley-bank-collapse-leaves-dozens-of-local-startups-in-the-lurch\/"},"modified":"2023-03-12T00:00:00","modified_gmt":"2023-03-12T00:00:00","slug":"silicon-valley-bank-collapse-leaves-dozens-of-local-startups-in-the-lurch","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/03\/12\/silicon-valley-bank-collapse-leaves-dozens-of-local-startups-in-the-lurch\/","title":{"rendered":"Silicon Valley Bank collapse leaves dozens of local startups in the lurch"},"content":{"rendered":"

<\/span>Silicon Valley Bank collapse could squeeze dozens of high-profile local <\/span>startups:<\/span> The <\/span>implosion of Silicon Valley Bank (SVB) last week has likely left scores of Egyptian startups <\/span>without access to deposits they parked at the bank, according to industry players we spoke with yesterday. The collapse of the bank \u2014 the second-largest in US history (see sidebar, below) \u2014 has left companies across the world, most of them tech startups, scrambling to find the means of meeting payroll and other operational expenses while US regulators try sort out the mess.<\/span><\/p>\n

SVB was one of the world\u2019s most popular banks for startups<\/span> and served businesses and <\/span>venture capital firms across the world<\/span>, including in Egypt and the MENA region. With some USD 209 bn in total assets and USD 175.4 bn in total deposits, it was the sixteenth-largest bank in the US until last week when a frantic two-day bank run triggered by concerns about its solvency caused it to collapse. <\/span><\/p>\n

Almost 50 local companies are said to be affected: <\/span>A list is circulating among local players <\/span>tha<\/span>t includes the names of 46 startups and <\/span>two VC firms<\/span> (one of them global) that were banked with SVB, one industry source told us yesterday, on condition they not be named. <\/span>C-suite officers at four startups declined to comment <\/span>or did not respond to requests for interviews when we approached them over the weekend.<\/span><\/p>\n

\u201cI don't have a way to speculate on the number of local startups affected, but I would say <\/span>it's <\/span>definitely in the tens.<\/span> I know of a handful,\u201d Nclude General Partner <\/span>Basil Moftah<\/span> tells us, <\/span>adding that one of eight Egyptian firms in the fintech fund\u2019s portfolio is affected. Acasia Ventures Managing Partner <\/span>Aly El Shalakany<\/span> estimates that two or three of the 10 companies in Acasia\u2019s portfolio \u2014 which spans startups across the MEA region \u2014 banked with SVB, noting that the fund is still in conversations with its startups to assess their exposure to the bank.<\/span><\/p>\n

Aren\u2019t deposits at SVB insured? Not really. <\/span>Under US law, the first USD 250k of a <\/span>client\u2019s deposit with any given bank is insured by the Federal Deposit Ins. Corporation (FDIC), which <\/span>said<\/a><\/span> it will pay out by Monday morning at the latest. This, though, will come as little consolation for companies that had mns of USD in deposits at the bank who are now unable to access their money and don\u2019t know whether they will get it back. <\/span>That means north of 85% of the deposits held by SVB are effectively uninsured<\/span>, according to estimates circulating over the weekend.<\/span><\/p>\n

JUST HOW BAD IS ALL THIS FOR LOCAL STARTUPS?<\/b><\/span><\/p>\n

If the Fed finds a suitor for SVB fast, this could all go away: <\/span>The VC players with whom we <\/span>spoke over the weekend think SVB is most likely to be bailed out through an acquisition by <\/span>another US bank. \u201cIf somebody bails out the bank this weekend, then everything\u2019s back to normal by Monday,\u201d <\/span>Nclude<\/span>\u2019s Moftah tells us. <\/span>\u201cIn the history of US bailouts, deposits have always been returned to depositors,\u201d he adds. <\/span><\/p>\n

The alternative is a lengthier liquidation process \u2014 meaning startups could wait months <\/span>to see their funds. <\/span>\u201cIf they sell the assets, it takes six to 12 months to go through that process,\u201d Moftah tells us.<\/span> \u201cWe will be supporting the one firm in our portfolio that is affected with a bridge round in the event that it is not able to access its deposits,\u201d he adds.<\/span><\/p>\n

Some are optimistic they\u2019ll get their money back (eventually): <\/span>\u201cSVB\u2019s <\/span>assets can potentially cover a big chunk of the depositors\u2019 money in case of liquidation,\u201d Moneyfellows Founder and CEO Ahmed Wadi told us yesterday. <\/span><\/p>\n

The silver lining: Egyptian firms don\u2019t have credit exposure to SVB. <\/span>Egypt was never a <\/span>target market for the bank as far as loans, Moftah said. That means Egyptian firms won\u2019t find lines of credit suddenly put on ice as is the case with startups elsewhere. <\/span><\/p>\n

A SHORT-TERM CRUNCH-<\/b><\/p>\n

Right now, startups need to find short-term liquidity \u2014 and somewhere else to bank. <\/span>\u201cThe most pressing questions now are for how long startups will have to wait in order to receive their deposits in full \u2014 and whether they will be able to pay their employees and keep the lights on until then,\u201d Sylndr co-founder and CEO Omar El Defrawy told Enterprise. Shalakany agrees: <\/span>\u201c<\/span>Our expectation is that this will be resolved, but startups need to have a short-term plan to cover expenses, which really means employees first and foremost and making sure that they have either liquidity elsewhere or a line of credit to cover that,\u201d he told us. <\/span><\/p>\n

For some startups, SVB is likely to have been their sole bank:<\/span> \u201cThe assumption that most <\/span>startups work with multiple banks and multiple contingencies is completely unrealistic,\u201d Shalakany says, noting that SVB may have been the only bank that would accept some startups as clients because of the risk level and regulatory requirements.<\/span><\/p>\n

The next weeks will be crucial:<\/span> \u201cMost of the startups who bank with SVB probably have th<\/span>eir operational money and their March payroll or maybe even more to hand,\u201d Moftah says, predicting that liquidity problems could start to become a bigger issue for startups as we enter 2Q. <\/span><\/p>\n

Layoffs aren\u2019t an immediate threat: <\/span>\u201cI don\u2019t see layoffs as a big threat at this stage, <\/span>particularly in Egypt,\u201d Shalakany says. \u201cFor those startups who are well capitalized, they may have already made that transfer to meet payroll this month.\u201d<\/span><\/p>\n

Investors are on hand to help startups find new banks: <\/span>Acasia is working with its portfolio <\/span>companies to help them \u201cquickly open alternative banking relationships and get access to short term credit lines to get them through the next few weeks and the end of the month,\u201d Shalakany said. <\/span><\/p>\n

Egyptian firms may face more challenges than those in other emerging markets to <\/span>quickly open another bank account or line of credit<\/span>,<\/span>Shalakany tells us. \u201cThe problem is you\u2019ve got perhaps tens of thousands of customers in exactly the same situation, coming from exactly the same industry, that are all scrambling to do that at the same time. For a lot of non-US-based startups, they don't really have a lot of banking alternatives. From an Egyptian perspective, people offshore because the local banking system does not provide enough support and quality products for SMEs and startups.\u201d <\/span><\/p>\n

\u201cIn the short-to-medium term, there's a lot of uncertainty and fear, but it\u2019s not a <\/span>doomsday scenario,\u201d <\/span>Shalakany says. \u201cOur main concern is to work with our portfolio companies as we have always done in times of crisis and to say: Look, it's going to be okay.\u201d Moftah agrees:<\/span>\u201cIt\u2019s a temporary blow \u2014 one more thing in a year that\u2019s been pretty challenging overall.\u201d<\/span><\/p>\n

LESSONS TO LEARN- <\/b><\/p>\n

SVBs collapse could make MENA firms think twice about banking in the US: <\/span>\u201cThe SVB <\/span>situation is enough to move the needle a hundred percent for people to say we're not doing US banking anymore,\u201d Shalakany tells us. \u201cI hope it leads to more guidance for startups on how they bank and more sophistication in their banking strategies,\u201d Moftah says.. <\/span><\/p>\n

That presents a chance for the Gulf: <\/span>\u201cPeople may want to consider jurisdictions where the <\/span>regulator or the government has deeper pockets to insure the banking industry,\u201d Moftah adds, noting that 100% of bank deposits are insured in the UAE. \u201cPeople are definitely thinking twice about being banked in the US now, and that's one of the things that we're thinking about when we're talking to our portfolio,\u201d Shalakany says. \u201cThis is a really good opportunity for banks in other markets, including Saudi and the UAE, to get a lot of that business.\u201d <\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

SVB clients are scrambling to find cash to meet payroll and other 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The Madbouly government yesterday said it will start on Wednesday preparing to offer two military-owned companies \u2014 bottled drinks firm Safi and fuel retailer Wataniya \u2014 to strategic investors. 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