‘Massive blow’ for UK insurtechs averted as key bank is rescued

US dollar symbol and tech_concept

The Financial Conduct Authority has moved to reassure customers of their rights following the rescue of Silicon Valley Bank.

The bank, which is the 16th largest in the US, had teetered on the brink of outright collapse, but has now had its UK arm bought for £1 by HSBC.

The bank collapse would have been a ‘massive blow’ for UK insurtechs, said Pikl chairman Stuart Reid, and the rescue was ‘supremely good news’. 

£1

HSBC stepped in to buy the UK arm of Silicon Valley Bank for bought for £1

Julian David, CEO of trade association TechUK, agreed that the rescue was 'good news', and the UK tech sector continued

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