UK tech ecosystem reacts to the news of SVB UK acquisition by HSBC

News Summary

  • #SVBUK 🇬🇧— Oli Barrett (@OliBarrett) March 13, 2023Huge 🙌🏼 to @Jeremy_Hunt and cross-Whitehall Team who supported the 🇬🇧 #tech sector from the moment the #SVB crisis hit & worked tirelessly with @Dom_Hallas @Coadec and others to find a swift solution that helps the sector without burdening taxpayers.
  • From the prospect of a full blown financial crisis to a loss of deposits, and a more contained tech crisis, resources would inevitably (and rightly) have to flow to mission critical companies and funds to keep the sector afloat.
  • Many of these #startups are developing technologies which represent the future of the UK economy.
  • Had they not intervened this would have been a disaster for UK tech and the longer term tech leadership prospects for the UK.”Fantastic news that @HSBC_UK will buy SVB UK.
  • I just hope they revamp the SVB app and online banking system as soon as possible (for any clients who have used SVB online they will feel my pain 🤣).”The entire tech sector is breathing a sign of relief this AM!
  • It’s a great result for UK plc.”It was vital that depositors in #SVB UK, who were overwhelmingly UK tech startups, were protected, not just for the startup ecosystem but the whole of the UK.
UK tech founders, investors, and ecosystem leaders have been giving their reactions to the news that SVB UK will be rescued by HSBC.In addition, many startup founders and investors pointed to the l [+6789 chars]