{"id":582907,"date":"2023-03-15T00:00:00","date_gmt":"2023-03-15T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/03\/15\/local-startups-are-starting-to-get-their-deposits-from-svb\/"},"modified":"2023-03-15T00:00:00","modified_gmt":"2023-03-15T00:00:00","slug":"local-startups-are-starting-to-get-their-deposits-from-svb","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/03\/15\/local-startups-are-starting-to-get-their-deposits-from-svb\/","title":{"rendered":"Local startups are starting to get their deposits from SVB"},"content":{"rendered":"

<\/span>Local startups are regaining access to their SVB deposits: <\/span>At least five local and regional <\/span>startups<\/span> have regained access to their deposits at the <\/span>collapsed<\/a><\/span>Silicon Valley Bank<\/span> (SVB), Enterprise learned yesterday <\/span>from sources in the know<\/span>. <\/span>One of the firms has already initiated a transfer order<\/span> to take the company\u2019s deposits out of the US banking system, while the remaining four have either made partial transfers or are keeping the entirety of their deposits at SVB while they assess alternative banking options. <\/span><\/p>\n

ICYMI- US authorities moved on Sunday to <\/span>guarantee<\/a><\/span> all deposits held at S<\/span>VB<\/span> in <\/span>emergency measures aimed at preventing contagion and a wider crisis in the banking sector. Typically, only the first USD 250k is insured under US law.<\/span><\/p>\n

Wait \u2014 why aren\u2019t startups racing to pull their deposits from SVB? <\/span>\u201cIt's counter intuitive, <\/span>but actually a <\/span>lot of co<\/span>mpanies have decided to at least leave some funding\u201d at SVB, Acasia Ventures Managing Partner Aly El Shalakany told Enterprise yesterday. \u201cCommunication from the US regulator has been pretty unequivocal so in a way, ironically, <\/span>SVB is probably now among the most protected banks in America<\/span>,\u201d he said. <\/span><\/p>\n

REMEMBER- Scores of Egyptian startups banked with SVB: <\/span>As many as 46 local sta<\/span>rtups <\/span>and two VC firms (one of them global) have been said to have been banked with SVB. Two of Acasia\u2019s 10 portfolio firms across the MEA region were affected, while fintech fund Nclude\u2019s Basil Moftah told us that one of the VC\u2019s eight portfolio firms banked with SVB. <\/span><\/p>\n

Fawry wasn\u2019t one of them: <\/span>The fintech giant <\/span>confirmed (<\/a><\/span>pdf<\/a><\/span>)<\/a><\/span> yesterday that it is not banked <\/span>with <\/span>SVB or any other bank in the US, in a statement to the bourse (<\/span>pdf<\/a><\/span>).<\/span><\/p>\n

Some technical glitches: <\/span>\u201cSVB\u2019s system was unstable and in some cases depositors had <\/span>technical difficulties setting up wire transfers, most likely due to high demand,\u201d <\/span>El Shalakany<\/span> told Enterprise yesterday, adding that those he knows of who weren\u2019t able to make transfers on Monday <\/span>were able to do so on Tuesday.<\/span><\/p>\n

Some firms are resorting to neo-banks: <\/span>Some startups are moving their deposits to <\/span>neo-banks or digital-only banks of the likes of <\/span>Mercury Bank<\/a><\/span>, several sources told us. Mercury has simplified its onboarding procedures for depositors exiting SVB in a bid to capture a larger market share, one startup exec said. Neo-bank <\/span>Tribal Credit<\/a><\/span> \u2014 founded by Egyptian Amr Shady \u2014 launched an initiative offering accounts to SVB-exposed businesses in MENA, Mexico and the US, Shady said on <\/span>LinkedIn<\/a><\/span>. <\/span><\/p>\n

But that won\u2019t be a long-term solution: <\/span>Neo-banks \u201cwork as a short-term stop-gap but in the <\/span>long term you\u2019re not really better off,\u201d El Shalakany says. <\/span>\u201cThe holy grail is to create a relationship with a top-tier bank that\u2019s more secure,\u201d he told us, adding that Acasia is now working to help its depositors secure alternative banking relationships.<\/span><\/p>\n

Diversification is now the name of the game: <\/span>\u201cThe crisis has been averted, but the work that <\/span>we are doing now is to help companies think about what\u2019s next in terms of future safeguarding,\u201d El Shalakany told us. \u201cThat\u2019s also a question for us to think about out as a VC. We need to consider our banking relationships and think about diversifying,\u201d he added.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Scores of Egyptian startups have money tied up with the bank<\/p>\n","protected":false},"author":1,"featured_media":582908,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7258],"tags":[204,84,72,95,200],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-582907","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-startup-watch","tag-banking","tag-efg-hermes","tag-enterpriseam","tag-startup-watch","tag-venture-capital","wpautop","entry"],"acf":{"mongo_id":"9bcda973-1873-437c-a609-88ae65480f71","order":"0","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/3\/Silicon-Valley-Bank-2-1600.jpg","photo_position":"below","homepage_title":"Egyptian startups are starting to get their deposits from Silicon Valley Bank","full_issue_title":"Egyptian startups are starting to get their deposits from Silicon Valley Ban","related_issue":[582900],"teaser":"Scores of Egyptian startups have money tied up with the bank","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/3\/.a3ad88f6-3d77-493c-bfa3-96ce881ab01b.mp3"},"yoast_head":"\nLocal startups are starting to get their deposits from SVB - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2023\/03\/15\/local-startups-are-starting-to-get-their-deposits-from-svb\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Local startups are starting to get their deposits from SVB\" \/>\n<meta property=\"og:description\" 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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. The news got\u2026","rel":"","context":"In "LAST NIGHT\u2019S TALK SHOWS"","block_context":{"text":"LAST NIGHT\u2019S TALK SHOWS","link":"https:\/\/enterpriseam.com\/egypt\/category\/last-nights-talk-shows\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/3\/Kelma-Akhira-13-3-23-1600.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":582768,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/03\/17\/it-was-all-about-the-fallout-of-the-svb-crash-an-israel-palestine-summit-is-happening-in-egypt-next-week\/","url_meta":{"origin":582907,"position":4},"title":"It was all about the fallout of the SVB crash + an Israel-Palestine summit is happening in Egypt next week","author":"enterpriseam admin","date":"17 March 2023","format":false,"excerpt":"Good morning, wonderful people, and welcome to the final Enterprise Weekend Edition before Ramadan. We\u2019ve lined up a few essential pre-Ramadan reads for you \u2014 including a guide to the biggest mosalsalat of the month this year and a recommendation for an early Iftar outing (that, dare we say, might\u2026","rel":"","context":"In "THE WEEK IN REVIEW"","block_context":{"text":"THE WEEK IN REVIEW","link":"https:\/\/enterpriseam.com\/egypt\/category\/the-week-in-review\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/3\/SVB-1600px-1.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":583718,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/03\/20\/last-nights-talk-shows-a-lot-of-money-foreign-policy-talk\/","url_meta":{"origin":582907,"position":5},"title":"Last Night\u2019s Talk Shows: A lot of money + foreign policy talk","author":"enterpriseam admin","date":"20 March 2023","format":false,"excerpt":"CBE between a rock and a hard place, says Kelma Akhira host","rel":"","context":"In "LAST NIGHT\u2019S TALK SHOWS"","block_context":{"text":"LAST NIGHT\u2019S TALK SHOWS","link":"https:\/\/enterpriseam.com\/egypt\/category\/last-nights-talk-shows\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/3\/kelma-akhira-20-3-23-1600.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/582907","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=582907"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/582907\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/582900"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/582908"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=582907"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=582907"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=582907"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=582907"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=582907"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}