Invevo's CEO statement on Silicon Valley Bank potential collapse
A Statement from Invevo's CEO Rich Moreton -
After a tumultuous few days, it is great to see the potential failure of Silicon Valley Bank has been averted, bringing with it a sigh of relief for startups and businesses across the United Kingdom. Following the acquisition by HSBC, we are buoyed by the comfort that all depositors' money is safe and secure.
As entrepreneurs ourselves, we understand the uphill battle that businesses face during their startup phase, and the potential fallout from the failure of a major lender like Silicon Valley Bank could have been catastrophic for the success of many of these startups. It’s been great to see the reaction and support among the tech and entrepreneurial community and thankfully, we have seen a positive outcome for UK businesses and tech entrepreneurs.
This situation has underscored the importance of implementing the proper controls and software to mitigate risks in the lending industry. We believe that real-time risk management software has never been more critical in the current macro economic climate and this incident serves as a stark reminder that there is not enough adoption of software in the lending space.
At Invevo, we are preparing to release a White Paper discussing how we think this crisis could have been avoided and how lenders can leverage the right technology to prevent future catastrophes.
We remain committed to the growth and success of UK businesses and will continue exploring innovative ways to support them through these challenging times.