Silicon Valley Bank Failure

By Geoff McQueen
Founder & CEO
Mar 13 2023 read

Like many technology companies with their roots in Silicon Valley, Accelo was a customer of Silicon Valley Bank (SVB), and we are deeply saddened by their demise. Fortunately, we have alternative banking arrangements in place in the United States, and because of the way we run the business, we do not anticipate significant impacts from SVBs failure on our business (we did not have debt, line of credit or other facilities with SVB).

Operationally, we have updated the payment information on our invoices to reflect new bank account details for the minority of clients who pay via ACH or international SWIFT transfers. 

Personally, my heart goes out to the amazing team members we've worked with at SVB over the years. As a company founded in Australia, I experienced first hand how hard it was to get set up in the United States, successfully navigating the many rules and regulations bought about by things like the US PATRIOT Act. Unlike other banks, who saw an Aussie passport along with a small startup with no capital and said "too hard", SVB made an effort to be helpful and a partner when no one else would - not just in banking, but with investor connections, lawyer introductions and much much more. Our industry is going to miss SVB a lot, and I am saddened for the many people who worked at and depended on SVB, of which we were only a small part. 

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