Silicon Valley Bank opens first UK branch

According to Silicon Valley Bank, of whom Shazam and The Foundry are already UK clients, the company has already lent hundreds of millions to companies in the UK but is looking to increase this substantially.

The bank will be making loans of between £300,000 and £30m to established companies looking to expand.

Silicon Valley Bank is a subsidiary of SVB Financial Group and has lent to significant US companies including: Cisco Systems, Mozilla and Pinterest. It also claims that more than half of all venture capital-backed technology and life science companies bank with the group.

Speaking to the BBC Julie Meyer, managing partner of the ACE Fund, an early-stage digital seed fund said the announcement was an endorsement of the UK tech scene.

She said that with an important institution such as Silicon Valley Bank – the beating heart of the Valley – coming to the UK, UK retail banks would have to work “a little harder or think more constructively about how to bank the UK”s best high-growth tech firms.”

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