- BaFin has just awarded SVB a lending license
- Silicon Valley Bank to open in Frankfurt in the next few weeks
- SVB says the German innovation scene is “very exciting and full of potential”
Frankfurt, 5 April 2018 – Silicon Valley Bank (SVB), the bank of the world’s most innovative businesses, enterprises and their investors, announced today that it has been granted a lending licence from BaFin and will officially open its doors in Germany over the next few weeks.
The bank says it has chosen Germany because it is brimming with potential and has such a vibrant, long established innovation economy. Silicon Valley Bank is impressed with the nation’s technology and life science businesses, and the strong venture capital and private equity community that is growing up to support it.
SVB will be providing financing to both innovation companies and their investors. Services will include lending to growth stage technology and life science businesses, as well as financing acquisitions and working capital. SVB works with innovative companies around the world, including German brands such as HelloFresh, Lilium, Babble and eGym, as well as European companies such as Secret Escapes, and US businesses including Pinterest and Zendesk.
SVB has been working with European innovators for more than a decade via its UK Branch and is expanding its operations, given the exciting evolution of the European technology and venture capital industries. With company formation at a high, increased capital being raised and deployed and the creation of many successful larger companies within the ecosystem, SVB is continuing to invest in the UK, Ireland and Germany and is evaluating other European opportunities for growth in new markets.
Phil Cox, Head of EMEA and President of the UK Branch of Silicon Valley Bank, said: “Germany is a very exciting market for us and this is an important milestone. We have been planning to expand here for four years – we’re thrilled to be opening soon. BaFin has been great to work with, very responsive and helpful. We are grateful to the regulator for granting our license and look forward to working together in Germany. We’re hiring a strong German team and will be covering all the technology and venture markets in Germany, from our branch in Frankfurt, in delivering real value to entrepreneurs, venture capitalists and private equity firms here.”
Remo Gerber, Chief Commercial Officer at Lilium, commented: "Silicon Valley Bank is an important partner for Lilium – they are highly professional, flexible, and have very strong client service. Their support for us as a fast-growing, innovative German company is very valuable. We are delighted to see them further develop their operations in Germany."
Oscar Jazdowski, Co-Head of the German Branch of Silicon Valley Bank, said: “I’m delighted to be here in Germany, having moved to Frankfurt in March. I am fortunate to have witnessed many technology ecosystems around the world with Silicon Valley Bank. Germany is a perfect blend of a proven, strong historical technology base, augmented with new disruptive innovation businesses, both of which we have the knowledge and expertise to bank at SVB.”
Tim Sievers, CEO at Deposit Solutions, said, “We have watched the developments of SVB UK very closely and always hoped that SVB would set up a German office. Now, they are almost here! This will bring the German venture debt market to the next level and will support the German ecosystem significantly.”
About Silicon Valley Bank
For 35 years, Silicon Valley Bank (SVB) has helped innovative companies and their investors move bold ideas forward, fast. SVB provides targeted financial services and expertise through its offices in innovation centres around the world, including Germany and the UK.
Europe’s leading technology and life science businesses, in all stages of development, look to SVB’s niche experience, insights and unparalleled network of connections, as they grow at home and tackle new markets abroad. Learn more at svb.com/de.
Silicon Valley Bank
Tabitha Brear – Public Relations
Silicon Valley Bank
+44 (0)20 7367 8131