An auction for the remaining assets of the failed Silicon Valley Bank is reportedly underway.
Bloomberg reported that the US Federal Deposit Insurance Corporation (FDC), which closed on Friday as SVB stepped in as it faced unprecedented cash flows from its clients, said it would complete its bid before markets opened on Monday morning.
A quick sale could help the FDIC get at least some of SVB’s customers insured by Monday. The US agency said it would make the full amount of insurance available next week.
When contacted, an FDIC spokesperson said they were not commenting on these reports.
With a possible solution in the background, others in the startup ecosystem are jumping to find liquidity options for entrepreneurs trying to make ends meet next week. Most recently, Brex CEO Henrique Dubugras He said he was working to raise more than $1 billion by the end of the week to support an emergency bridge line of credit.