In March 2023, the FDIC assumed control of Silicon Valley Bank (SVB). The FDIC announced that all SVB deposits would be guaranteed. However, early-stage companies are understandably concerned about relying on regional and mid-sized banks, and may prefer to place their funds with larger institutions to protect their liquidity. These banks include:
- JPMorgan Chase. Total assets:$3.20 trillion.
- Bank of America. Total assets: $2.41 trillion.
- Citigroup. Total assets: $1.77 trillion.
- Wells Fargo. Total assets: $1.72 trillion.
If you are changing banks, we’ve provided a checklist for managing that process here. After you’ve picked your bank and set up your accounts, we recommend you review your bank statement regularly to understand your cash position, burn rate, cash out date, and to check for possible fraud.
Compare the best Silicon Valley Bank competitors and their startup-friendly financial services.
Vanessa Kruze, a seasoned CPA, has an impressive track record prior to establishing Kruze Consulting. Her experience includes pivotal roles at Deloitte Tax and as a controller for a substantial startup with over 120 employees and $20 million in revenue. Under her leadership, Kruze Consulting has emerged as a distinguished CPA firm, recognized on the Inc 5000 list for five consecutive years, illustrating rapid growth and success in the competitive accounting landscape. Vanessa's unique approach, combining deep industry knowledge with advanced automation and software solutions, has positioned her firm as a leader in providing comprehensive accounting services to startups across the United States.
