Précis – A specialist US-based technology bank committed to supporting and funding companies in the technology sector has launched its first UK branch.
Silicon Valley Bank, which provides financial services exclusively for companies in the technology and life-science sectors, opened its first UK branch in the City of London last month. The US-based bank lists Facebook and LinkedIn as clients, and already supports some UK-based companies, including the mobile app company Shazam.
The US-based bank says that it hopes to fill a gap in the UK market faced by UK start-up tech companies who find it difficult to source financing for their companies. Unlike traditional banks, Silicon Valley Bank emphasises that it possesses an expert knowledge of, and understands, tech companies’ business models and therefore will be able to offer loans to start-up companies.
The launch of a branch in the UK is evidence that the UK is the base for a number of growing technology companies. Silicon Valley estimates that there are 25,000 technology companies in the UK; approximately 3,000 are funded by venture capital investors. In addition to making available venture capital for start-up companies, the bank will offer a full range of services that reflect the services offered by high street banks.