SVB's biggest debtor in Canada is Romanow's tech finance firm - BNN Bloomberg

📆 5/27/2023 5:00 AM
📰 BNNBloomberg

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The bankruptcy liquidator in charge of Silicon Valley Bank’s Canadian unit is set to receive offers for its loan book on Monday, and the biggest asset is a loan to e-commerce lender Clear Finance Technology Corp., according to people with knowledge of…

Toronto-based Clear Finance, which operates under the name Clearco, is an alternative lender that offers cash advances to e-commerce and software startups. It’s struggling amid the tech sector downturn after its cost of capital jumped. The company has done extensive staff cuts and exited markets outside North America.

SVB Canada has about 200 borrowers, primarily in the technology, life sciences and clean technology industries, the people said, speaking on condition they not be named because the matter is still private. Silicon Valley Bank crumbled in early March when its capital-raising plans failed, leaving it exposed to a bank run in which depositors tried to pull out US$42 billion in one day.

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