In the months following the SVB collapse, deposits appear to have disbursed widely. In search of stability, a lot of startups moved funds to the nation's larger banks (JPMorgan Chase, Bank of America, Wells Fargo). JPMorgan in particular has acquired many new startup deposits with the creation of a team focused on early-stage startups and a focus on helping these companies throughout the growth process. Bank of America and Wells Fargo have also targeted the startup market, but in a more selective manner. Bank of America appears to be focused on emerging growth companies while Wells Fargo has taken an interest in software and fintech focused startups.
In addition to the nation's larger banks, other banks such as HSBC, First Citizens, and Customers Bancorp have seen their respective percentage of startup deposits grow through acquisitions and the development of teams focused on the startup market. All of that to say, if you are a startup looking to establish a banking relationship, the offerings have expanded post SVB. A bank you may not have considered before could be worth considering going forward.
