Canadian tech companies have options in wake of SVB collapse: Analyst
BNN Bloomberg
Canadian technology companies that worked with Silicon Valley Bank have options to recover from the U.S. bank’s collapse, a prominent Canadian tech investor said Monday.
John Ruffolo, founder of Maverix Private Equity, said the failure of SBV Financial Group, an “iconic” funding player in the technology industry, had more to do with the bank’s management decisions than its overall business.
He argued Canadian banks would likely not have an issue stepping in to take on SVB’s Canadian clients, which include major e-commerce company Shopify Inc.
“The companies that they have on their books, I'm sure the Canadian banks would love to have them on their books,” said Ruffolo, who is also a former CEO of Omers Ventures, in a Monday television interview with BNN Bloomberg.
