Global Lessons from Silicon Valley Bank's Collapse

The collapse of Silicon Valley Bank (SVB) has had ripple effects on consumers, businesses, banks, and investors worldwide. African startups that had deposits with SVB were affected, with some able to pull out their funds before the collapse, while others could not access their funds. The incident has reinforced the need for homegrown solutions in Africa. Meanwhile, other companies providing banking services to startups have stepped up to offer their services and help companies maintain cash flow. Stripe raised $6.5 billion in funding, while PhonePe raised $200 million, and Adyen advanced its digital authentication solution. The buy now, pay later industry saw payment fraud increase by 211% in 2022 over 2021, according to Sift's Q1 2023 Digital Trust & Safety Index.