Tech startups in Latin America are struggling to find banking alternatives after the sudden crash of Silicon Valley Bank (SVB), one of the few banks that offered much-needed dollar accounts and catered to the specific needs of the sector.
Startups in the region often relied on SVB as one of the few banks that offered them U.S. dollar accounts, a requirement from venture firms providing capital in greenbacks.
On Monday, Roddo was able to move its money from SVB to a number of cash accounts the startup had opened with U.S. financial tech firms, Garrido said. However, it may not come in time for employees' mid-month paychecks, he added.
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