Villi Iltchev, a partner at Two Sigma Ventures and the author of the original tweet, responded, "I have the opposite experience. "Their tech stack has not moved 1 iota, their fees are punitive, and if you're not in SV you're invisible." "As an customer for the last 5 years, they are terrible as an actual bank & are getting what they deserve," wrote McLaws, CEO of BurnRate.io. One startup founder, Robert McLaws, responded to a particular tweet and offered a very different perspective. Some SVB defenders told their followers that they needed to band together and support the 40-year-old bank, which has long been central to the tech ecosystem. By Thursday, as the stock was plunging and venture firms were telling portfolio companies to pull their money, Twitter lit up with people offering advice and making pleas. SVB's swift collapse began late Wednesday, when the bank told investors that it sold $21 billion worth of securities at a $1.8 billion loss and was seeking to raise additional capital amid a decline in deposits. In April 2020, Tech Crunch reported on other SVB customers complaining that the bank mishandled the PPP process.ĬNBC sent an email to SVB's press address requesting a comment for this story but we haven't yet received a reply. One CEO, who had millions of dollars housed at SVB and asked not to be named, described the bank's system as terrible, slow and "the worst in the industry." He said the tech looked like it was built in 2002.
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"They had written some code to try to make it faster and none of it worked." "I love SVB, but that was horrible for our business," he said.
Selinger, a former Amazon executive who has the backing of Jeff Bezos for Deep Sentinel, said his company had tried to use various automated services provided by SVB but ended up having to do everything manually, "clawing hand over foot to try to get to PPP funds, because the fulfillment didn't work." "It completely failed in the midst of all these companies needing to get their PPP funds," said Selinger, who spent the majority of Friday trying to pull assets out of SVB. The loans from the program were designed to allow companies to continue paying employees during the economic shutdown. Three startup CEOs who bank with SVB agreed, telling CNBC that the user experience was often clunky and at times, slow to fulfill requests.ĭavid Selinger, CEO of physical security company Deep Sentinel, told CNBC that SVB fumbled its response to the Covid pandemic, after the government initiated the emergency payment protection program (PPP). As she described it, "the backend of the bank is all bubblegum and wires."
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An ex-SVB manager, who worked on risk initiatives and asked not to be identified, said the bank remained technologically stagnant even as it was a haven for startups that had an eye for cutting-edge software and products.
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