For some BaaS-driven fintechs such as Mercury, Brex and Cheqly, the collapse of SVB created new opportunities and spurred growth, writes Mbanq CEO Vlad Lounegov for Finextra.
Mercury, Brex and Cheqly offer banking services to small businesses. Following the collapse of SVB, they were quick to seize the opportunity to acquire over 30% of the venture-backed deposits that were previously held by SVB.
The unprecedented bank run on SVB deposits caused a surge in demand for alternative banking options, and Mercury, Brex and Cheqly were well-positioned to step in and fill the void left by SVB.
Read the full Finextra article at https://www.finextra.com/blogposting/24099/svbs-collapse-opens-window-of-opportunity-for-business-banking-baas/