SVB fallout: Fintech, venture capital companies come to the rescue

Razorpay is offering domestic start-up clients to move their money into their Indian current accounts as FDI through the firm's partner banks

Aryaman GuptaShivani Shinde New Delhi/Mumbai
SVB, Silicon valley bank

Photo: Bloomberg

Fintech and venture capital firms such as Recur Club, Razorpay and Trifecta Capital have come to the aid of homegrown start-ups caught in the crossfire of the Silicon Valley Bank fiasco.
Alternative funding platform Recur Club said it was allocating $15 million to all Indian founders affected by the crisis. It will not charge any platform fee for the same.
The firm is working to provide financing solutions for start-ups to fund their payroll and short-term working capital requirements within 48 hours of receiving the companies’ data and without diluting equity. Further, Recur Club is also facilitating the opening of bank accounts in GIFT city within 24-48 hours by taking special exemptions.

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First Published: Mar 12 2023 | 8:34 PM IST

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