Equity One founder's account of what is left behind from SVB's crash
Mar 15, 2023
Brexton Pham, CEO of Series—a company building enterprise platforms—discusses the fallout from the Silicon Valley Bank's crash. He dives into how trust in banks has shifted dramatically in recent weeks. Brexton also shares insights on why startups should diversify their banking relationships and what concerns investors are voicing now. He skillfully zooms out to examine the broader implications of the crisis, including potential shifts in banking regulations and the evolving trust landscape in the tech industry.
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Unexpected Launch
- Brexton Pham, CEO of Series, was pushed out of stealth mode due to the SVB collapse.
- Series, a full-stack enterprise platform, became a sought-after alternative for businesses seeking new banking options.
System Overload
- Series experienced an unprecedented surge in demand, primarily from SMBs unfamiliar with multi-bank strategies.
- This influx exposed Series's system, which wasn't designed for high-volume self-signup and required rapid adaptation.
Banking Diversification
- The SVB crisis highlighted a key difference between startups and established institutions.
- While institutions typically diversify banking relationships, startups often rely on a single bank, increasing their vulnerability.