The BBC talks to some of the UK-based tech firms which had accounts with Silicon Valley Bank.
Uncertainty, panic and urgency are three words I heard rather a lot on Monday morning.
The one thing everyone I have spoken to had in common was that not only was SVB their main bank - it was their only bank. Ms Haf Davies said that SVB was popular with the med-tech sector, including both her competitors and clients - many of whom are US-based. "We faced the dilemma of, 'do we withdraw our cash and make the problem worse or do we wait?'. I was in a WhatsApp groups with other founders and opinion was split."
One thing it has also done is unite the tech sector together in an unusual moment of business collaboration.
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