Silicon Valley Bank establishes physical presence in Miami

Silicon Valley Bank establishes physical presence in Miami

Published: 14-09-2021 15:38:32 | By: Pie Kamau | hits: 97 | Tags:

Silicon Valley Bank (SVB), the bank of the world's most innovative companies and their investors, announced a team of commercial bankers have landed permanently in Miami to focus on Florida's dynamic innovation sector.

SVB has been working with companies of all life stages in Florida for more than 20 years from its other Southeast locations. With the addition of a Miami-based team focused on early-stage startups, SVB provides commercial banking, private banking and wealth management to technology and life science companies of all sizes and their investors. The team is actively hiring and will be located in Miami's Brickell neighborhood.

Andrew Parker, Founder and CEO, Papa: "SVB is a strong supporter of Papa, with a deep understanding of our needs as a high-growth company. I'm glad for their expansion into Miami, which is a great place to start and scale a business, and I'm excited to see how they'll further the growth and success of the local innovation economy."

Papa is a Miami-based company that provides a curated platform of companionship and support for older adults and families

Mike Descheneaux, President, Silicon Valley Bank: "Miami has a vibrant and growing innovation economy with increasing attention from founders, entrepreneurs, established companies and investors outside of Florida that are adding to its momentum. In addition to supporting local high-growth companies and investors, our Miami team will also serve as an outpost for our Global Gateway team, which supports companies and investors in emerging innovation centers around the world such as Latin America." 

Investors deployed $1.5 billion in venture capital across 200 deals in Florida in the first half of 2021, following strong investment in full-year 2020 of $2.2 billion across 317 deals, according to the Q2 2021 Pitchbook-NVCA Venture Monitor. SVB works with several hundred Florida-based technology and life science companies and investors, such as oncology-focused health technology company Carevive Systems, cybersecurity company Lumu, investment firm Medina Capital, MedTech firm Neocis, and smart city, small cell and smart grid platform provider Ubicquia. In addition, SVB recently signed on as a partner of eMerge Americas, the leading organization connecting the Miami tech market and anchoring Miami Tech Week in April 2022.

Francis Suarez, Mayor, Miami: "I am thrilled to welcome Silicon Valley Bank and its expanded presence to Miami. Miami has the potential to become a leading innovation hub and SVB's presence will help accelerate the success of our local technology and life science companies, from startups to scaled businesses, and their investors."

Silicon Valley Bank serves innovative companies and their investors around the world in the technology, life science, venture capital, private equity and premium wine industries, providing financial and banking services to help them capitalize on business opportunities, raise capital, protect equity, manage cash flows and access global markets. SVB banks roughly half of all venture-backed companies in the US and 63 percent of all US companies that completed an IPO in the first half of 2021.

The Miami team will expand SVB's existing coverage in FloridaJulia Figueiredo, Director of Startup Banking and Latin America, will lead the team's focus on early-stage startups, and Luiz Rabelo, Senior Vice President of Technology Banking, will continue to work with growth-stage technology clients throughout the state of Florida. The team will join the Brickell Avenue office of Boston Private, the private banking and wealth management firm SVB Financial Group acquired earlier this year. Boston Private also has a presence in Palm Beach Gardens.

www.svb.com