Silicon Valley Bank Establishes Physical Presence in Miami
Silicon Valley Bank (SIVB) has established a permanent presence in Miami, targeting Florida's innovation sector. The new team will focus on early-stage startups, providing commercial, private banking, and wealth management services. Over $1.5 billion in venture capital was deployed across 200 deals in Florida in H1 2021, with SVB partnering with local tech firms. Miami's Mayor highlighted SVB's role in accelerating the local innovation economy. The Miami team will enhance SVB's coverage in Florida, joining the Brickell Avenue office of Boston Private.
- Establishment of a permanent SVB team in Miami focusing on early-stage startups.
- $1.5 billion in venture capital deployed in Florida in H1 2021.
- SVB's presence seen as a boost to Miami's innovation economy.
- None.
MIAMI, Sept. 14, 2021 /PRNewswire/ -- Silicon Valley Bank (SVB), the bank of the world's most innovative companies and their investors, today 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.
"SVB is a strong supporter of Papa, with a deep understanding of our needs as a high-growth company," said Andrew Parker, founder and CEO of Papa, a Miami-based company that provides a curated platform of companionship and support for older adults and families. "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."
"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," said Mike Descheneaux, President of Silicon Valley Bank. "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
"I am thrilled to welcome Silicon Valley Bank and its expanded presence to Miami," said Miami Mayor Francis Suarez. "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 Florida. Julia 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.
About Silicon Valley Bank
For nearly 40 years, Silicon Valley Bank (SVB) has helped innovative companies and their investors move bold ideas forward, fast. SVB provides targeted financial services and expertise through its offices in innovation centers around the world. With commercial, international and private banking services, SVB helps address the unique needs of innovators. Learn more at svb.com.
©2021 SVB Financial Group. All rights reserved. SVB, SVB FINANCIAL GROUP, SILICON VALLEY BANK, MAKE NEXT HAPPEN NOW and the chevron device are trademarks of SVB Financial Group, used under license. Silicon Valley Bank is a member of the FDIC and the Federal Reserve System. Silicon Valley Bank is the California bank subsidiary of SVB Financial Group (Nasdaq: SIVB).
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SOURCE Silicon Valley Bank
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