Mishcon de Reya Partner Charles Fletcher has commented on the situation surrounding Silicon Valley Bank – its financial collapse and the subsequent intervention by the UK arm of HSBC.
His analysis was used in media articles by FinTech Magazine, IFA Magazine, Bdaily and Techround.
Charles said: "The collapse of Silicon Valley Bank – and subsequent rescue of the UK arm by HSBC – has important lessons for any start-up.
"Emerging tech companies are vital for the nation's continued economic prosperity. We work with businesses from across the emerging company and venture capital community. In our experience, there are simple, practical steps to financial management that businesses can take to minimise the uncertainty and stress many have experienced over the weekend.
"Key actions include keeping corporate accounts with more than one bank, having an emergency funding plan to avoid cashflow squeezes, separating funds from different sources and taking a strategic approach to managing currencies. These should accompany fundamental business planning and management steps, such as a detailed risk register and crisis management protocols."
Charles also spoke with Legal Business, noting SVB's role as "a go-to specialist provider in a part of the market that has been underserved" and its importance to the UK's "technology and life science sectors, which in turn are so important as a source of growth and prospects for the UK in the short, medium, and long term."
Related coverage:
FinTech Magazine
IFA Magazine
Bdaily
TechRound