FinTechs that can support your company if you have been affected by the collapse of Silicon Valley Bank

In light of recent developments at Silicon Valley Bank and SVB UK, Innovate Finance has compiled a list of FinTechs that can support impacted businesses during this time.

This list isn't exhaustive, and will be updated as more information becomes available. Please do contact us if you would like to add your firm to this resource list.

ClearBank - help with fast account opening, payments and clearing for the regulated sector

Qokoon are offering their AI financial analysis and reporting software for free to those companies needing to obtain urgent funds and explain their financials (past and future) to banks or investors

Qokoon have automated financial analysis and reporting, which means the preparation, analysis and sharing of financials is done instantly. This can help speed up the process of obtaining funds for those SMEs in need.

Qokooon integrates instantly with accounting softwares QuickBooks and Xero.

iwoca - Flexible business loans.

Monzo  - Business bank accounts

Revolut- support on business accounts

Tide - support with fast-track corporate / business accounts.

Nucelus - can provide quick funding for businesses with our RBL product

Fondy - can support with fast onboarding and corporate accounts. 

Greengage - can support with fast track account opening for businesses (focus on digital asset companies and structures) that might struggle to open accounts promptly with e.g. high street or challenger banks.

Airwallex - is a global payments and financial platform for modern businesses.

Allica Bank is able to offer fast-track corporate account opening.

Wise have just published this blog on how to onboard with Wise with high amounts of volume (here), and a separate blog on how we protect customer deposits and our lack of material exposure to SVB given recent events (here).

Interpolitan Money will fast-track SVB clients within 48hrs to open accounts instead of the usual in 7-10 days lead time. They specialise in complex structures, local and non-residences.

Bond have built a digital alternative to the bank-only overnight deposit facility at the BoE for everyone to access, their overnight deposit facility provides diversification and on-demand liquidity. The underlying is gov guaranteed paper (level 1 HQLA) managed by BlackRock (0% risk weightings/ no bank risk).

OpenPayd have offered to support businesses impacted with Corporate / Business Accounts and Payments and will look to prioritise onboarding for all businesses impacted.

Insignis have offered to support UK businesses looking to open new bank accounts to support their business, as well as those looking to now prioritise diversifying their funds across banks to ensure they are better protected.