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Will the Silicon Valley Bank collapse affect your fintech career prospects?

Will the Silicon Valley Bank collapse affect your fintech career prospects?

The big news that rocked the tech sector this week has been, of course, the collapse of Silicon Valley Bank (SVB), along with the twin failures of Silvergate Capital and Signature Bank.

Will the Silicon Valley Bank collapse affect your fintech career prospects?

All three have commonalities: Signature and Silvergate were the two main banks for crypto companies, and around half of all U.S. venture-backed startups banked with SVB. After some uncertainty about the future of customers’ funds, and more than $70 billion wiped off the cryptocurrency market’s value, the U.S. federal government said on Sunday that it would guarantee all deposits for SVB and Signature depositors – writes Kirstie McDermott, Senior Content Manager, Amply.

“No losses will be borne by the taxpayer,” said to the U.S. Treasury Department and banking regulators, with U.S. president Joe Biden also saying he would do “whatever is needed” to protect deposits.

Regardless, the triple collapse has made global markets’ nervous, with bank stocks dropping heavily and fears abounding that the risk of contagion may spill over into other banks, and into the wider financial system.

Knock-on effects quickly spread beyond the U.S. too, as SVB UK is reported to hold $3 billion of venture capital-backed firms’ funds, or more than 300 companies. According to Reuters, more than a third of these could risk running into cash-flow difficulties within a month. However, the UK government and the Bank of England have facilitated a private sale of the UK arm of Silicon Valley Bank to HSBC for a symbolic £1.

“This ensures customer deposits are protected and can bank as normal, with no taxpayer support,” Chancellor of the Exchequer Jeremy Hunt said, adding, “I am pleased we have reached a resolution in such short order.”

Future looks bright

While the era of cheap finance has been halted by high inflation and rising interest rates, the future still looks bright for the UK fintech sector. The UK, particularly London, is one of the biggest global players, and remains a top destination for fintech investment.

The UK is home to many of the world’s largest fintech companies. The government’s 2019 Fintech State of Nation report revealed that there were 1,600 fintech companies that year. This grew to 2,500 in 2022, in line with predictions that the number of fintech firms will double by 2030.

The UK also has one of the highest fintech adoption rates globally, at 42%, compared to the international average of 33%, and the City of London reports that London is home to 100 tech unicorns, with fintechs proliferating.

So, while the headwinds are feeling chilly, there are still many opportunities for career growth within the sector. If you’re looking for a new opportunity, discover three open roles below, and you can find thousands more on the Payments, Cards and Mobile Job Board.

Senior Product Manager, Crypto Settlement Ripple, London

Using blockchain and cryptocurrency technology, Ripple is dedicated to creating powerful gains in financial efficiency, equity and inclusion. It is looking for a Senior Product Manager who is passionate about using crypto assets and technology. You’ll deeply understand customer needs and requirements to deliver cross-border payments experience, get into the weeds of decentralised technology, and recommend how it can be leveraged for payments. You’ll also understand how to build and scale liquidity for payments. To apply, you’ll need a minimum of seven years’ of professional experience, with three years’ in product management. Preferably, you’ll have a software engineering background, and are able to understand both business needs and technical requirements. Find out more about this job, or see more openings at Ripple.

Business Banking FinCrime SME, Monzo, London

Monzo is seeking an exceptional Financial Crime Control Owner to drive development of its business banking fincrime capabilities. You will really understand the financial crime regulatory framework and have expert knowledge in how to develop business banking fincrime systems. You will own the end-to-end process for the control, including developing standards documents and will ensure consistency and alignment across business and personal customers. You should apply if you have significant experience working in financial crime for business or commercial banking and with systems used to detect and prevent all types of fincrime. A strong ability to analyse data to identify patterns and trends and draw conclusions that improve detection capabilities is also required. See all the responsibilities for this role here, or discover other opportunities at Monzo.

Fraud Team Manager, Global Payments, Coventry

Global Payments makes it possible for millions of people to move money between buyers and sellers. As Fraud Team Manager, you will manage departmental operations for Global Payments’ call centre, handling the daily operations of individual teams. You’ll monitor work queues, assign daily work and verify completion to achieve service level standards, and manage escalated customer issues that are not resolved at the agent level. Providing recommendations to reduce and/or eliminate issues that impact overall service quality is also a part of this role. To be considered, you’ll need a Bachelor’s Degree in a related field of study from an accredited university, and a minimum of four years’ related professional experience. Discover the full job description here, or look for a different role at Global Payments.

For more great job opportunities, visit the Payments, Cards and Mobile Job Board today

The post Will the Silicon Valley Bank collapse affect your fintech career prospects? appeared first on Payments Cards & Mobile.

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