U.S. financial services and technology company Brex received billions of dollars in deposit funds from Silicon Valley Bank customers on Thursday (March 9).
A person familiar with the matter said Brex saw thousands of new accounts opened on Thursday, totaling billions of dollars in inflows.
Other companies such as JPMorgan Chase, Morgan Stanley and First Republic Bank also saw increased inflows on Thursday, and SVB's stock price fell sharply due to concerns about a bank run caused by venture capital. The outflow of deposits put more pressure on SVB, which tried to raise equity financing earlier this week and actively carried out asset sales. SVB was taken over by the Federal Deposit Insurance Corporation on Friday. (CNBC)
