Australian and New Zealand tech firms said on Monday they did not have material exposure to Silicon Valley Bank following the failure of the U.S. startup-focused lender SVB Financial Group last week, amid fears of a contagion in Asia.
Australia's Nitro Software said that about $12.18 million of the company's global cash reserves were held on deposit at SVB. U.S.-based Sezzle said the buy now, pay later firm's relationship with SVB is limited to funds on deposit which are not material to its ongoing business.
Source: Tech Daily Report (techdailyreport.net)
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