Around 1,200 founders and CEOs linked to incubator Y Combinator (YC) have submitted a petition to US treasury Secretary Janet Yellen and Federal Deposit Insurance Corporation Chairman Martin J Gruenberg and other officials to save small enterprises and startups from the adverse impact of the Silicon Valley Bank (SVB) collapse. The petition says that one-third of Y Combinator startups have their sole bank account with SVB. Furthermore, SVB has over 37,000 small businesses as depositors, with over US$250,000 in deposits. As such, these small businesses will be unable to pay salaries, and the SVB shutdown may adversely impact more than 10,000 small businesses and startups.
FinTech’s Green Revolution: Nurturing Sustainable Practices Among Small Businesses
BY Triterras
- 09/04/24
Ashish Srivastava, our Triterras' Chief Commercial Officer shares in-depth with Intelligent Fin.Tech, a global technology intelligence platform which gathers the latest financial information, on how FinTech has emerged as a crucial catalyst, motivating and supporting small to medium enterprises on their path towards environmental responsibility through sustainable trade finance.