TLDR:
– Mercury, a startup providing accounts for startups, saw a significant increase in deposits following the collapse of Silicon Valley Bank (SVB).
– Data from Capchase suggests that Mercury has been one of the key beneficiaries of SVB’s downfall.
Big banks have seen a surge in deposits from startups following the collapse of Silicon Valley Bank (SVB), with Mercury emerging as a key player in this shift. At the 2023 SV Angel’s Founder Summit, tech founders witnessed SVB’s collapse in real-time, leading to a substantial increase in deposits at Mercury. Through data from fintech Capchase, it is revealed that Mercury’s cash balance has increased significantly, solidifying its position in the market since SVB’s downfall. Despite facing stiff competition from major banks like Chase and Bank of America, Mercury has managed to retain and attract customers, attributing its success to offering a better product and supporting startups during their time of need.
