SVB downfall hits Brazilian startups hard

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The stunning fall of Silicon Valley Bank (SVB) — seized on Friday by the U.S. federal government — was the second-largest in the country’s banking history since Washington Mutual’s failure in the 2008 subprime crisis. And while the collapse was not the result of fraud, it won’t be any less destructive.

SVB was one of the most prominent lenders in the tech world, and its downfall is set to put the startup ecosystem even more on edge. Trouble began last year due to rising interest rates and a post-pandemic adjustment in demand for digital products and services, leading SVB…

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