Fintech startup Brex got billions of dollars in Silicon Valley Bank deposits Thursday, source says
Publishing timestamp: 2023-03-10 13:29:53
Summary
Fintech startup Brex received billions of dollars in deposits from Silicon Valley Bank customers as concerns of a bank run led to heightened inflows for other companies like JPMorgan Chase and Morgan Stanley. SVB attempted to raise equity funding and explore a potential sale, but regulators shut down the bank on Friday and took control of its deposits. The dramatic decline in SVB shares sparked a sector-wide sell-off and reminded some of the 2008 financial crisis. Brex declined to comment on its inflows.
Sentiment: NEGATIVE
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