The failure of Silicon Valley Bank on Friday had Canadian tech companies working to quickly withdraw their assets from the crumbling institution.
The California-based bank’s collapse marked the second-largest bank failure in U.S. history, with collateral effects rippling across the tech and banking sectors through the weekend and into this week as U.S. and Canadian regulators scrambled to minimize the damage.
“You’re sitting there hitting refresh throughout the afternoon to see if the money has hit your other bank accounts. And then when it finally does, that’s a big weight off your shoulders,” said Kris Hartvigsen, the CEO of Vancouver-based tech startup
