Tech firms pour cash into Revolut and Wise amid Silicon Valley Bank demise [Video]

K tech firms are pouring cash into Revolut, Wise and other London fintechs after scrambling to withdraw funds from Silicon Valley Bank amid fears they may lose access to their deposits, the Standard has learned.

Revolut said inbound volumes from Silicon Valley Bank were a staggering 16.6 times higher than normal yesterday, while today’s transfers could be higher still.

Silicon Valley Bank was yesterday closed by California regulators after tech firms raced to pull cash from the business. Earlier this morning, the Bank of England said it would apply to place SVB’s UK unit into a Bank Insolvency Procedure and the firm will stop making payments or accepting deposits.

Fred Destin, founder of London-based venture capital firm Stride, said a number of companies in which he had invested were moving deposits to Revolut and Wise.

“Many startups have had trouble building banking relationships…if you’re a startup you might have all of your cash at SVP.

“It could be that …