Relief reigned in the offices of Greek venture capital funds, investment schemes that finance Greek startups, when they heard a joint statement from the US Federal Bank (FRS), the Treasury Department and the Federal Deposit Insurance Corporation (FDIC) that “Valley Bank Silicon Depositors will have access to to all your funds from Monday, March 13th.

The same thing happened with the announcement that HSBC in the UK was taking over the UK arm of Silicon Valley Bank, a “start-up bank” that collapsed within hours, through bailouts and full depositor protection.

Cause; Startup market circles point to “K” that at least 15 major Greek tech companies (maybe more) had deposits in SVB. In fact, according to their estimates, the size of the deposits of Greek startups can reach about 100 million dollars, and some of them managed to withdraw either all or part of their funds. A typical example is real estate operator Blueground, which, in its latest $180 million funding round, announced $40 million in loan financing from Silicon Valley Bank to further its development.

The information indicates that the company was able to withdraw its funds last week without affecting its operations. As market circles explain, in order to obtain loan financing, companies left part of their deposits in a particular bank.

Meanwhile, last year fintech Plum received a £5m loan from its UK subsidiary Silicon Valley Bank UK to support its business during a difficult previous year. Like Blueground, Plum appears to have been able to withdraw its deposits while its users’ funds have not been disclosed to the bank. The company has developed an app that, once approved, regulates users’ savings after gaining access to their bank account.

It stores these savings in an e-money wallet, unlike other companies that kept their savings in SVB.

Meanwhile, the transfer of funds to Greek banks was announced last week by Workable managing director Nikos Moraitakis in a tweet (“Moving money to Greece to save it. Never expected to say this”). “Silicon Valley Bank has been the first choice for financing many companies in the world. He was one of the pioneers in providing venture capital debt to money-losing technology companies.

He also worked closely with venture capital funds. That is, if the funds passed due diligence (technical, financial, legal control), then the bank trusted them and issued loans to companies, ”says a market representative.