Friday, March 24, 2023

Fintech Support Companies Whose Money is Stuck in a Silicon Valley Bank – Usky News

Bengaluru: The startup ecosystem in India is stepping up to help its affected peers svb crisis. Razorpay is helping people who have money in SVB with partner banks to transfer their money to a Nostro account. Nostro account is an account that a bank maintains in foreign currency with another lender for depositing funds on behalf of its customers.
another firm recur club, which provides funding on its platform, said it has allocated $15 million to Indian startups whose money is stuck in SVB. It said that no platform fee would be charged on its financing. It will also provide the facility of opening foreign currency accounts in GIFT City.
“We have created a dedicated RazorpayX desk to help fellow startups transfer funds from their US banks to India. RazorpayX users can transfer their money as FDI to their Indian current account through our partner banks. For non-RazorpayX users, we are helping them transfer their money to Nostro account through our partner banks,” said Razorpay spokesperson.
Co-founder of Recur Club Eklavya Gupta Said that more than 100 startups are interested in instant payroll funding and managing short-term expenses. “It is safe to assume that 1,000 Indian startups have been directly affected by the SVB crisis,” Recur Club said in a statement.


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