Silicon Valley Bank Opens Branch in Frankfurt
As an indication of the growing importance of the German tech startup scene, the Silicon Valley Bank (SVB) is opening a branch in Frankfurt after having been granted a lending license by BaFin, Germany’s financial regulatory authority. With an estimated 25 percent share of deposits, SVB is the largest bank in Silicon Valley and is known for funding tens of thousands of startups. In a statement, the bank said it selected Germany as its next European location “because it is brimming with opportunity and has a vibrant, long-established innovation economy.” The new branch will provide financing to both innovation companies and their investors.
Headquarters of the Silicon Valley Bank in Santa Clara, California, USA © SVB