Silicon Valley Bank welcomed in Canada
Silicon Valley Bank (SVB) has been granted a licence in Canada from the Superintendent of Financial Institutions and has opened its Canadian headquarters in Toronto.
The bank, based in Santa Clara, California, is targeting entrepreneurs, companies and investors in the technology and life science sectors, and now hopes to do so in Canada.
“The Canadian banking licence is a significant milestone in our global expansion,” says Greg Becker, CEO of Silicon Valley Bank.
The bank also provides additional cross-border banking services to Canadian companies that have or seek a US presence.
SVB has been in the Canadian market on a cross-border basis since 2000 via its US operations, with clients such as Drop, HLS Therapeutics, Shopify, SnapTravel and Vanedge Capital.
SVB is also keen to highlight the importance of Canada, and cites data from PwC Canada and CB Insights which shows that venture capital funding in the country hit a record high in 2018, with $3.5 billion invested through more than 471 deals.
The bank also works with companies around the world through offices across the US and in the UK, Ireland, Germany, Israel and China.