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Jeff Mains: SVB's Collapse Put Locked Tech Accounts in Play

Jeff Mains · Top 3 Growth Opportunities for Founders in 10 Mins · Jul 28, 2023 · at 5:58

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Jeff Mains discusses market inertia disruption, pointing to Silicon Valley Bank's collapse as an example of customer habits breaking.

0:00 / 0:10exact quote · 10.9s

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“But if you look back a month ago, if you're in bank and you're trying to get those accounts, it's a cool kids bank. You're not going to get those accounts. They're not going to move. Inertia was disrupted and now they're all in play.”

quote is from the automated transcript, cleaned for reading: filler sounds and stutters are removed, nothing is rephrased. names can be misheard (the analysis reads context, assessments check outside sources). how →

The claim, plainly

Following the collapse of Silicon Valley Bank, banking accounts that were previously impossible to win from SVB became open to competitor banks.

a quote alone can be ambiguous, so this restates it with the references and context of the conversation around it resolved. AI-written; the tape below the player is the source.

Assessment

The claim asserts that following Silicon Valley Bank's collapse in March 2023, banking accounts and deposits that were historically locked into SVB due to client inertia became available and opened to competitor banks and financial institutions. Regulatory reports from the Federal Reserve and the FDIC, alongside financial reporting, confirm that SVB experienced over $140 billion in attempted or realized deposit flight in March 2023. Competitor institutions—including fintech platforms such as Mercury and Brex, as well as Tier-1 banks like JPMorgan Chase and HSBC—onboarded thousands of former SVB clients and absorbed tens of billions of dollars in redistributed deposits, establishing multi-bank diversification across the startup ecosystem.

FDIC and Federal Reserve reports documented that SVB clients withdrew or queued to withdraw over $142 billion on March 9–10, 2023, reducing retained SVB deposits to $56 billion at the time of First Citizens' acquisition compared to $175 billion prior to the run.
Competitor platforms like Brex and Mercury reported adding thousands of new startup accounts and billions in new deposits within days of SVB's failure in mid-March 2023.
Major financial institutions such as JPMorgan Chase recorded an estimated $50 billion deposit increase in Q1 2023 partly driven by former SVB venture capital and tech clients diversifying away from single-bank reliance.

Checked against

[1] ebsco.com [2] bankingdive.com [3] federalreserve.gov [4] theventurealley.com [5] every.io [6] ibinterviewquestions.com [7] thomsonreuters.com [8] ibinterviewquestions.com

competitor banks won Silicon Valley Bank accounts deposits March 2023 2024 Silicon Valley Bank collapse deposit flight competitor banks March 2023 JPMorgan Mercury Brex FDIC Silicon Valley Bank deposit outflow new accounts competitor banks 2023 "Silicon Valley Bank" "JPMorgan" "HSBC" "Mercury" "Brex" deposits new accounts March 2023

assessed as of 2026-09-02

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Mentioned

Silicon Valley Bank

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