Silicon Valley Bank collapse: Founders of colour unite in a WhatsApp group

In the hours after some of Silicon Valley Bank’s biggest customers started pulling out their money, a WhatsApp group of startup founders who are immigrants of colour ballooned to more than 1,000 members.

Questions flowed as the bank’s financial status worsened. Some desperately sought advice: Could they open an account at a larger bank without a Social Security Number?

Others questioned whether they had to physically be at a bank to open an account, because they’re visiting parents overseas.

One clear theme emerged: a deep concern about the broader impact on startups led by people of colour.