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5 July, 2011 - 16:41 By News Desk

Silicon Valley Bank closer to Cambridge office

Alex McCracken, Silicon Valley Bank

The Silicon Valley Bank is set to open in Cambridge next year subject to approval by the Financial Services Authority (FSA).

The bank, which already has several clients in Cambridge, is currently looking at a couple of potential locations in the city, it told Business Weekly at the BLN Growth Forum in the city.

UK Head of the Accelerator Group for Silicon Valley Bank, Alex McCracken said: “Cambridge is an ideal location because it has a growing cluster with a lot of technical companies and venture capitalist activity.

“What we’re able to do that other banks can’t is lend to pre profit companies, companies focused on growing top line revenues and vc backed companies. We can also debt finance a lot earlier than most banks.”

McCracken believes this is a good time for start-up activity. In the US the bank opened more start-up accounts in May this year than any other month in its 28 year history.

“Corporate venturing is coming back and tech companies have cash to make acquisitions,” he added.

Silicon Valley Bank has office locations in London, China, India and Israel as well as across the US.

• Photograph shows: Alex McCracken, Silicon Valley Bank

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