The collapse of Silicon Valley Bank caught some high-profile analysts off guard. The former 16th-largest bank in the nation may not have been a household name, but some household names banked there. The entire situation could have taken a toll on the tech sector, but thanks to U.S. regulators, depositors have already regained access to their uninsured funds with SVB.
Here are some of the biggest names that could have had huge financial holes from SVB’s failure in this week’s Five For Friday:
#5: Etsy
It’s unclear exactly how much money craft marketplace Etsy had with SVB. It must have been significant, though, because Etsy warned sellers of possible payment processing delays on Friday amid the collapse. It was all cleared up by Monday and Etsy said the issues only affected 0.5% of the platform’s 7.5 million sellers.
It’s a relief, too. How could anyone go without a wooden spoon featuring the face of actor Nicolas Cage?
#4: Vox Media
Silicon Valley Bank wasn’t just the home to traditional tech companies. Vox Media, which owns Vox, New York Magazine, The Verge and a whole host of other properties, used the defunct financial institution. Their publications have been covering the failure of SVB at length over the last week. Vox had a significant amount of cash with the bank but was quick to say it didn’t anticipate any major disruptions in its services. That said, company credit cards with the bank did stop working.
#3: Roblox
Roblox is that incredibly popular online game the 7-year-old in your life won’t stop talking about. The company is worth roughly $25 billion and it continues to grow with a revenue and users spike of 20% year-over-year in February. It’s doing so well that the $150 million it had with SVB was just 5% of its cash on hand. Before knowing it would be made whole, Roblox said the situation would “have no impact on the day-to-day operations of the company.”
#2: Roku
While it may be trendy to have a fancy Apple TV for streaming, at least 40% of people prefer the more economical Roku devices. Roku had around $487 million of their $1.9 billion in cash with SVB. In the wake of the collapse, Roku said it had enough working capital to operate for at least a year.
These are the kinds of assurances you want from the folks that brought you Weird: the Al Yankovic Story starring Daniel Radcliffe of Harry Potter fame.
#1: Circle
Payments processing firm Circle was holding $3.3 billion of its cryptocurrency USD coin reserves with SVB. During the initial uncertainty, Circle assured users everything would operate normally as it sorted through the fallout. In the days following the collapse, however, the token traded around $0.91. That’s not a great sign when it’s tethered to the U.S. dollar and is always meant to stay at $1.00. The value eventually rebounded back to its peg.