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  • 8 Mind-Blowing Websites to Boost Creativity You Probably Didn’t Know Existed

    8 Mind-Blowing Websites to Boost Creativity You Probably Didn’t Know Existed

    In a world brimming with possibilities, it’s easy to get lost in the vast sea of digital distractions. But fear not, dear creative souls, for we have scoured the internet to uncover hidden gems that will ignite your imagination and jet-propel your creativity. Buckle up and prepare to be amazed as we introduce you to eight mind-blowing websites you probably didn’t know existed.

    1. A Soft Murmur

    Take a break from those tiresome deadlines and submerge yourself into a world of ambient bliss with A Soft Murmur. This website allows you to create custom audio scapes, blending different soothing sounds like rain, thunder, waves, and more. Whether you need a tranquil background for meditation or an inspiring audio backdrop for your creative projects, A Soft Murmur provides a sanctuary for the auditory creative.

    2. This Person Does Not Exist

    Prepare to be perplexed and fascinated in equal measure by this beguiling website. Powered by artificial intelligence, This Person Does Not Exist generates eerily realistic portraits of people who – you guessed it – do not exist. Each refresh reveals a new face and each new face leaves you pondering the boundaries between reality and fiction. A goldmine for character-inspired creatives.

    3. Silk

    Unleash your inner artist with WeaveSilk (Silk), a mesmerizing website that lets you create intricate, symmetrical designs with just a few strokes of your mouse or touchscreen. As you glide your cursor, the vibrant colors blend and weave together, forming breathtaking digital masterpieces. Silk is a playground we should all play in. Ideal for the creative seeking meditative and visually stunning experiences.

    4. The Useless Web

    Embrace the absurd and embrace creativity with The Useless Web. With a single click, you’ll be transported to a random and quirky website that defies explanation. From virtual cat pianos to button-clicking games, this digital rabbit hole is a constant reminder that creativity knows no bounds and that sometimes you’ve got to take the blue pill. Or was it the red one? For the curious creative.

    5. Little Alchemy

    Unleash your inner alchemist with Little Alchemy. This addictive online game challenges you to combine various elements to create new objects. From simple combinations like fire and water to complex creations involving mythical creatures, Little Alchemy offers endless hours of experimentation and discovery. For the creative that likes a bit of trial and error.

    6. The Noun Project

    The Noun Project is a treasure trove of high-quality icons and symbols that can breathe life into your creative projects. With over two million icons contributed by a global community, this website ensures that you’ll find the perfect visual representation for your ideas. Expand your visual vocabulary and let The Noun Project be your creative companion. Calling all visual storyteller creatives!

    7. FutureMe

    Step into a time machine and send a message to your future self with FutureMe. This unique website allows you, to write yourself, a letter, in the future. Get it? Simply select a date for it to be delivered, commit to the ether, and allow it to stew in the space-time continuum. Whether you want to set goals, share dreams, or capture a state of mind, FutureMe adds a touch of creative reflection to your journey through time. For the Time Traveller’s Creative.

    8. Incredibox

    Prepare to be dazzled by Incredibox, an interactive website that turns you into a badass beatboxing maestro. Mix and match different musical elements, such as rhythms, melodies, effects, and voices, to create your own banging tunes. With its playful interface and addictive audio combinations, Incredibox is for the funky creatives amongst us. And I’m willing to bet that’s all of us. Let’s get it on.

  • Midjourney 5.2: Unleashing Creativity with Magical Image Generation

    Midjourney 5.2: Unleashing Creativity with Magical Image Generation

    In a world where imagination knows no bounds, image generators have become a powerful tool for artists, designers, and enthusiasts alike. And yet we all know using image generators is not as easy as it first seems and, to get the best results, you need the best input prompts.

    You also need a platform that is keeping pace with the boundless change of the industry. Take a bow Midjourney 5.2. Packed with mind-boggling features and infinite magical potential, this image generator is a creative marvel that pushes the boundaries of visual expression.

    Let’s take a look into the fascinating world of Midjourney 5.2 and explore its latest and most enchanting features.

    1. Zoom Out Feature: Unlock a Whole New Perspective

    Prepare to have your mind blown, folks, because Midjourney 5.2 brings you an exhilarating feature that allows you to zoom out of your created images. Gone are the days when you were limited to exploring your creations up close. With the zoom-out feature, you can now witness the grandeur of your art from a macro perspective.
    Imagine starting with a detailed portrait of a majestic eagle and gradually zooming out to reveal it soaring above an awe-inspiring mountain range, contained in a snow globe on the mantelpiece of a giant.

    The zoom-out feature in Midjourney 5.2 unleashes your creativity and enables you to construct breathtaking landscapes and mind-bending scenarios like never before.

    Watch Video

    2. Dreamscape Mode

    Prepare to be transported to a realm where dreams become reality with the all-new Dreamscape Mode. Midjourney 5.2 introduces an ethereal dimension that merges fantasy and reality seamlessly. Want to turn an ordinary photo into a breathtaking fairy tale landscape? Simply activate Dreamscape Mode and watch in awe as majestic castles rise from humble buildings, and lush forests spring to life from barren landscapes. With just a click, Midjourney 5.2 brings your wildest dreams to vibrant existence.

    3. Time Warp Filter

    Ever wondered what it would be like to travel back in time? Midjourney 5.2 allows you to do just that with its mesmerizing Time Warp Filter. This innovative feature lets you transform modern-day photographs into vintage treasures as if they were captured decades ago. Whether you want to evoke the charm of the Roaring Twenties or relive the nostalgia of the ’80s, the Time Warp Filter flawlessly transports your images to a bygone era. Get ready to explore the realms of history through the lens of Midjourney 5.2!

    4. Shape Shifter Brush

    Prepare to witness true magic unfold as Midjourney 5.2 introduces the Shape Shifter Brush. With this bewitching tool at your disposal, you can transform ordinary objects into extraordinary creations. Want to turn a pumpkin into a carriage fit for a princess? Or perhaps you’d like to turn a cat into a dragon? The Shape Shifter Brush grants you the power to reshape reality and create captivating visuals that defy logic and reason. Unleash your inner sorcerer and let your imagination run wild!

    5. Kaleidoscope Pattern Generator

    Step into a world of dazzling symmetry with the Kaleidoscope Pattern Generator. Midjourney 5.2 offers a mesmerising feature that takes mundane patterns and elevates them to kaleidoscopic marvels. Watch as simple geometric shapes twist and twirl into intricate and hypnotic designs. Perfect for creating mesmerising backgrounds, vibrant textiles, or captivating album covers, the Kaleidoscope Pattern Generator adds a touch of wonder and elegance to your visual creations.

    6. Emotion Infusion

    Say goodbye to static and lifeless images, for Midjourney 5.2 brings your creations to life with the Emotion Infusion feature. Utilising state-of-the-art emotion recognition technology, this feature imbues your images with a range of emotions, breathing personality into every pixel. Witness the joyous laughter of children, the melancholic gaze of a lonely wanderer, or the fiery determination of an athlete in action. With Emotion Infusion, your images become windows to the soul, capturing the essence of human emotions.

    7. Shorten command and Turbo mode explained

    Two other features that deserve special mention are the ‘Shorten’ command and Turbo mode. The Shorten command serves as your prompt optimiser, pruning your prompts down to the most impactful keywords. It’s a valuable tool for ensuring the AI responds to the heart of your creative intent. Meanwhile, Turbo mode boosts the speed of image rendering. It’s a time-efficient feature, especially when you need quick results. Bear in mind that Turbo mode comes with a higher token cost, but it’s a trade-off many users find worthwhile.

    Midjourney 5.2 takes image generation to a whole new level, elevating the art of visual storytelling to an enchanting experience. From transporting you to whimsical dreamscapes to rewinding time and shaping reality, this image generator offers a treasure trove of creative possibilities. Whether you’re an artist, designer, or simply a lover of all things magical, Midjourney 5.2 is the perfect companion on your journey.

    Make sure you stay tuned to Digital Boom for more Midjourney updates.

  • TFK’s Acquisition of Opio Marks the Birth of the First Fashion Aggregator in MENA

    TFK’s Acquisition of Opio Marks the Birth of the First Fashion Aggregator in MENA

    TFK, the leading curated fashion marketplace in Egypt has acquired OPIO, a direct-to-consumer (D2C) fashion brand.

    By joining forces, TFK and OPIO will combine their expertise, resources, and brand portfolios to create a powerhouse fashion group.

    This strategic acquisition marks a significant milestone in the company’s journey to establish “THE FASHION KINGDOM”; an all-in-one fashion aggregator and venture builder aimed at revolutionizing the fashion industry in MENA.

    One Fashion Kingdom to rule them all

    This particular “KINGDOM” will focus on building, acquiring, and growing diversified vertical fashion brands across the MENA region through both online and offline platforms, complemented by a regional marketplace.

    “The acquisition of OPIO is a strategic move that complements and completes our ecosystem,” said Fadi Antaki, Founder and CEO of TFK. “We are creating an all-in-one ecosystem, that combines OPIO’s D2C expertise with TFK’s marketplace infrastructure”.

    THE FASHION KINGDOM is committed to developing and promoting locally grown fashion brands, unlike traditional fashion groups and conglomerates in the region that primarily rely on international franchises.

    The Fashion Kingdom aims to bridge the gap by creating culturally relevant and relatable brands for the region, reducing the reliance on imports.

    This new entity will encompass a diverse portfolio of brands, including OPIO, FE, and Boddiction, in addition to Saltwater Circle and No Apologies, two new brands launching soon.

    “The MENA region deserves fashion brands that truly resonate with its diverse population,” added Antaki. “By building and acquiring brands from the region, we can provide authentic and relatable fashion brands, that embody the taste, aspirations, and values of our MENA customers.”

    Shady Mokhtar, Co-founder and CEO of OPIO, also, expressed excitement about the acquisition. “Joining forces with TFK and becoming a part of “THE FASHION KINGDOM.” is a remarkable opportunity for OPIO.”

    He adds “(This is) paving the way to extraordinary growth potential, extending our presence throughout the MENA region. Collaboratively, we will push boundaries, elevate our brand influence, and reshape the fashion industry.”

    What, Where, and How Big

    THE FASHION KINGDOM.” offers its brands a fully-fledged platform of support, including, and not limited to, manufacturing, operations, marketing, and content creation capabilities, all powered by a scalable tech stack. In doing so, “THE FASHION KINGDOM.” offers the best-in-class infrastructure to fashion direct-to-consumer brands.

    THE FASHION KINGDOM.” is backed by a strong group of investors, including A15, The Raba Partnership, Foundation Ventures, CIB, Acasia Ventures, Sunny Side Venture Partners, Flat6labs, Oqal Angel, Athal Angel, AUC angels, and regional family offices.

    This massive network of support further strengthens The Fashion Kingdom’s position and provides endless opportunities for growth and expansion.

    THE FASHION KINGDOM.” has a primary market focus on Egypt & KSA, due to their vast potential and market size. According to ecommercedb.com, Egypt has a $1.6B fashion e-commerce market, projected to reach $3B in 2027 and KSA’s fashion e-commerce market value is $4B, projected to reach $7B in 2027.

  • Egypt Criticizes Netflix for “Blackwashing” Cleopatra in Upcoming Docu-Series

    Egypt Criticizes Netflix for “Blackwashing” Cleopatra in Upcoming Docu-Series

    Egyptian experts are calling out Netflix’s decision to cast a bi-racial actor as Queen Cleopatra VII in its upcoming docu-series, “African Queens: Queen Cleopatra,” alleging that Netflix is “blackwashing” the historical figure. The controversy has prompted calls for Netflix to be banned from the country, and a petition has been launched to cancel the show, which has gathered thousands of signatures.

    Netflix’s “African Queens: Queen Cleopatra”

    The show, narrated and executive produced by Jada Pinkett Smith, stars Adele James, a bi-racial actor, in the role of Cleopatra. Pinkett Smith has explained that she wanted to be involved in the project because she “really wanted to represent Black women.”

    While Cleopatra’s specific race has been the subject of historical debate, Egyptian experts have criticized Netflix’s portrayal of the legendary queen, arguing that she was Greek and not black. Zahi Hawass, an Egyptologist, accused Netflix of spreading “false and deceptive facts that the origin of the Egyptian civilization is black.”

    Calls to Ban Netflix from Egypt

    Lawyer Mahmoud al-Semary has filed a complaint with the country’s public prosecutor, calling for Netflix to be blocked in Egypt. He alleges that Netflix promotes “Afrocentric thinking… aimed at distorting and erasing the Egyptian identity.”

    A petition to cancel the show, titled “Cancel Netflix’s ‘Queen Cleopatra,” has gathered more than 3,200 signatures on Change.org. Another petition that allegedly garnered 85,000 signatures was removed from the website.

    Netflix defends its casting decision

    Netflix has defended its casting decision, reminding viewers that in Cleopatra’s time, “Egypt’s population was multicultural and multiracial.” The streaming platform consulted its own Egyptologist, Sally-Ann Ashton, who argued that it was “strange” to depict Cleopatra as wholly European.

    The controversy has prompted further debate over the identity of Cleopatra, with some speculating that her mother and other female ancestors may have been indigenous to Africa.

    Premiere date

    The official trailer for the show has stirred up controversy, with comments on the YouTube video disabled. Despite the backlash, “African Queens: Queen Cleopatra” is set to premiere on Netflix on May 10.

  • Tribal Credit Launches A GPT-Powered Open Banking Solution for Emerging Market SMEs

    Tribal Credit Launches A GPT-Powered Open Banking Solution for Emerging Market SMEs

    Tribal Credit, a leading fintech company that provides financing, payment, and expense management solutions to small and medium-sized enterprises (SMEs) in emerging markets, has launched a private beta of Cash Copilot, a new service that utilizes GPT technology and open banking data to help business owners, CFOs, and decision-makers in Latin America and the Middle East and North Africa (MENA) region.

    Cash Copilot is currently in private beta, and Tribal Credit has opened a waitlist for both existing and new customers who are interested in accessing the service. To sign up for the waitlist, visit www.tribal.credit/cash-copilot

    By leveraging the power of GPT and open banking data, Cash Copilot provides real-time insights into financial risks and opportunities, enabling businesses to make informed decisions and drive growth. The service offers personalized financing and payment solutions tailored to the unique needs of emerging market SMEs.

    “Cash Copilot represents a significant milestone in our mission to empower SMEs in emerging markets by giving them access to cutting-edge financial tools,” said Amr Shady, CEO of Tribal Credit. “By leveraging the capabilities of GPT and open banking data, we’re not only simplifying the expense management process, but also providing unparalleled insights that will help businesses make data-driven decisions and excel in their respective markets.”

    Key features of Cash Copilot include:

    • AI-powered financial analysis: Cash Copilot uses advanced GPT technology to analyze open banking data and provide businesses with accurate, actionable insights into their financial performance.
    • Personalized financing and payment solutions: Cash Copilot’s algorithms identify the most suitable financing options and payment solutions for each business, based on its unique needs and objectives.
    • Seamless integration with existing services: Cash Copilot integrates effortlessly with Tribal Credit’s existing financing and payment solutions, as well as its intuitive expense management platform.
    • Targeted support for emerging markets: Cash Copilot is specifically designed to address the challenges faced by SMEs in the Latin America and MENA regions, helping them overcome barriers to growth.
  • Arab Bank Brings Apple Pay to Jordan

    Arab Bank Brings Apple Pay to Jordan

    Arab Bank launched Apple Pay in Jordan last month, becoming the first country in the Levant region to offer the digital payment service. With the rise of e-commerce, Apple Pay is a welcome addition to the market, providing a convenient and secure way for users to make transactions using their Apple devices.

    The service has also been released for other banks in Jordan, including Capital bank, Blink, Ahli Bank and bank Bank of Jordan.

    How to use Apple Pay?

    To use Apple Pay, customers need a compatible Apple device and a registered Arab Bank debit or credit card. They can then add their card to the Wallet app and follow the prompts to complete the setup process. Once set up, they can use Apple Pay to make payments at stores, restaurants, and online retailers.

    Apple Pay is a versatile payment method that can be used for various transactions, including contactless payments, in-app purchases, and online purchases. The service is also more secure than traditional payment methods as it uses tokenization to protect users’ payment information.

    The launch of Apple Pay in Jordan by Arab Bank is a significant development in the region’s payment landscape, and it is expected to transform the way transactions are made. Potential use cases for Apple Pay in Jordan include contactless payments, paying for rides with ride-hailing apps, and donating to charities through mobile apps.

  • TikTok Showcases Brand Success Through Engaging Ramadan Content

    TikTok Showcases Brand Success Through Engaging Ramadan Content

    TikTok has launched a Ramadan-inspired video series to present data and insights related to the Holy Month on the platform in a fun and interesting way. TikTok took a creative approach to deliver this narrative, integrating the numbers into “mousalsalat” style episodes akin to the TV shows that are so popular during Ramadan.

    Connected through one storyline, the mini-series called “أرقام بينحكى فيها” which translates in English to “Numbers Worth Remembering,” sheds light on how brands of all categories can drive results on TikTok. The series follows the story of the main hero, who knows key insights by heart as they help him navigate tricky situations throughout the six episodes.

    Each episode was developed to focus on key verticals, including automotive, online retail, consumer goods, food and beverage, beauty, and luxury.

    Key figures and insights highlighted in the series include:

    • 80% of people develop a positive opinion about car advertisements on TikTok, based on research by Walnut Unlimited.
    • 72% of users on TikTok look for product reviews and unboxings based on data from IPSOS.
    • Last year, Ramadan recipes on TikTok received 564 million views in MENA, based on internal data.
    • 57% of TikTok users get inspired by content creators to try new household products during Ramadan, based on findings from IPSOS.
    • 67% of users discover and find inspiration for luxury products on TikTok, based on research by Redseer.

    Commenting on the series, Elias Walid Bassil, Head of Business Marketing & Creative Strategy for Consumer, Retail, ECOM – MENA at TikTok, said:

    “This year, TikTok is encouraging brands to #BelongDifferently during Ramadan, and our video series proves that we are practicing what we preach. Following the principle of “show, don’t tell,” we make data and statistics entertaining and memorable through short-form video storytelling. The cherry on top is that we are presenting the mini-series in a format relevant to the region and occasion, namely “mousalsal” style episodes, which resemble the beloved Ramadan TV series. We hope marketers in the region find this series enjoyable and useful as they begin activating their Ramadan campaigns.”

  • SVB Updates and Resources Available for Startups’ Urgent Payroll Needs

    SVB Updates and Resources Available for Startups’ Urgent Payroll Needs

    With the number of companies and VCs asking about developments related to SVB, especially the upcoming Wednesday payroll date, here is a collated set of resources and information. None of this is confidential or proprietary information that was shared but is from publicly available sources.

    Note these are for resources only and should not be construed as legal advice, endorsement, PR, official company policy, or advertisement – they may be out of date. This is a rapidly developing situation, and regulators and parties will likely update many answers by Monday. If anything is incorrect, accidentally misrepresented, or has been updated, feel free to comment.

    The goal of this post is to collate in one place what is out there as it relates to the immediate need of most startup companies: running payroll for employees on Wed.

    This is a community, open-source resource only based on others’ inputs. This is not a PR document nor necessarily reflects the official policies of any companies mentioned. It’s meant as a helpful starting resource only of any/all available avenues toward the primary short-term goal of getting startup ecosystem employees paid.

    If SVB isn’t acquired, the Federal Deposit Insurance Corporation (FDIC) will begin selling off assets to pay creditors. If that happens, update your contact info and submit a claim here: https://lnkd.in/gR3WKTav (Requirements and eligibility for those claims are expected on or after Monday, March 23, 2023).

    Liquidity for Payroll Wed

    First things first: how do we get enough liquid funds to make payroll by Wednesday?

    • FDIC-insured deposits up to $250k should be available Monday morning.
    • Advanced dividends from remaining non-insured holdings will likely be paid out this week – even as early as Monday/Tuesday – in an amount from 30-80%. All of this is unconfirmed, and these funds may or may not land in time for running Wednesday’s payroll.
    • Some understand that any wires that went out of SVB accounts before receivership took effect will still be going out and landing Monday/Tuesday. This is unconfirmed and TBD. The most recent update.
    • Any custodial accounts held with SVB (but with a custodian such as US Bank, Goldman, Black Rock, etc.) should be available. Still, it would be best if you worked directly with that custodian to gain access to those funds, and those teams and customer service lines are understandably very impacted right now.
    • Currently unclear how SVB credit cards handled by third-party providers (Mastercard, etc.) are being treated.

    Loan Providers

    Other possible funding opportunities to bridge payroll:

    Arc

    Arc offers short-term credit facilities/bridge loans (up to $250k or current cash position) to help founders make payroll and other working capital needs. https://www.arc.tech/payroll

    Brex

    Brex is offering short-term liquidity (I understand this maxes out at ~$250k, but this is unconfirmed)

    Brex is also offering emergency bridge loans

    Brex is offering emergency bridge loans to qualified SVB customers to help minimize the impact of recent events on payroll and other operational spending. https://www.brex.com/svb-emergency-line

    Capchase is offering emergency funding to fund payroll

    Figure

    The understanding/rumor is that they will offer to purchase receivership certificates, possibly as early as next week. Check out their website, where any updates will likely be made – here.

    Lighter Capital

    Visit https://www.lightercapital.com/

    Nitro

    Nitra provides expedited underwriting for new credit lines and bridge loans outside healthcare – up to $200k on a card and more on a bridge loan.

    • Uncapped emergency funding
    • Uncapped has also launched an emergency funding programme to support founders impacted. To receive more information, you can email [email protected]. You should include the following in the email: Short-term funding requirement; Latest financials; Last 3 months’ bank statements; Total balance at SVB
    • They are looking to provide the funding as early as next week — up to $500k by Wednesday and up to $3m by next week.

    Paperstack

    Provides emergency funding for e-commerce and retail companies affected by SVB

    Ramp

    Offering deferred payments, stable limits, and flexible payment terms are detailed here.

    Tapline

    Tapline short-term funding. Tapline is also not impacted by SVB and remains capable of providing funding to SaaS companies impacted by the fallout. You can find more information here or reach out directly to [email protected].

    Tranch

    Tranch is offering credit lines to help minimize the impact of recent events on operational spend up to $500k to pay supplier invoices including EOR

    Viceversa

    Created a Business Continuity plan to support EU-based companies affected with capital to cover expenses such as commercial activities, marketing, and inventory. Fast track and grace periods.

    AngelList

    • “Lifeline Loan” Info is below. Here’s the link

    AngelList’s new product is designed to help impacted startups to get temporary loans from investors with online signing and funding. Lifeline Agreement will also have built-in banking access (if the company needs it). “Lifeline Agreement will include a promissory note with a standard interest rate (7 percent) for a short-term loan from your investors, lending enough to meet urgent needs. Online signing process with a single link to share and works with AngelList Banking or any bank,” Sumukh Sridhara, Founder Products Lead at AngelList, said in a tweet. The lifeline agreement is currently available to startups for free.

    • Loan documents
    • AngelList offers standardized loan documents and fast new bank accounts.

    Funding Circle

    • Outside of SVB issues, they share that they offer a 48-hour turnaround in short-term capital, but maxed to $250k or so – link here.

    Gulp Data

    Non-dilutive funding using data as collateral – more info here

    Fundlizi

    Marketplace for finding funding sources, with an SVB landing page announcement – more info here

    OnDeck

    small business loans – more info here

    Credibly – small business loans, some of which claim to be available same-day

    Lendzi

    • Marketplace to compare lending options
    • States “get funding fast” but no specific landing page for SVB-impacted businesses so unclear if funds would hit in time for running payroll.
    • More info here

    Clearco

    • Funding for e-commerce companies only
    • Connect your store account (Amazon, Shopify, etc.) and, based on prior six months revenue can provide working capital.
    • More info here

    Pipe

    • Revenue-based capital
    • Unclear whether timing would make it by Wed’s payroll
    • More info here

    Flow Capital

    • Growth capital, $1M – $7M
    • No specific landing page to assist SVB-impacted companies
    • Describes as capital “within 4 weeks” so likely NOT an option for Wed’s payroll but possibly other mid-term liquidity needs
    • More info here

    Founderpath

    • Revenue-based financing for SaaS companies
    • Unclear if any specific assistance or urgent programs for SVB-impacted customers as there is no SVB-impact landing page
    • More info here

    Square Loans

    • Small business loans up to $250k
    • States you can “move money into your account as soon as tomorrow.”
    • No specific landing page for SVB-impacted companies
    • More info here

    Paypal Working Capital

    • Up to $150k for first-time borrowers
    • Unclear timing re: Wed’s payroll, no landing page specific to SVB-impacted companies
    • More info here

    SaaS Capital

    • Non-dilutive capital must have at least $250k MRR
    • Describes itself as a 6-8 week process; not helpful for Wed’s payroll, but depending on how events unfold, possibly helpful for mid-term capital issues
    • More info here

    Stripe Capital

    • Described as “fas-capital” but has no specific SVB landing page, so unclear if fast enough for Wed’s payroll
    • More info here

    Bridge Funding – Payroll Companies

    Funding from your payroll company

    • ADP: There is a rumor (rumor only) that ADP may be providing short-term, one-time payroll loans for next week. Reach out to them if you run payroll w/ SVB on ADP.
    • Remote: Remote founder has announced that they will cover March 15th payroll run for all companies (even those on SVB themselves as a company) via an announcement on Linkedin.

    SAFE/Bridge Financing (Investors)

    • Short-term bridge SAFEs or Convertible Notes by existing investors on template documents (templates are floating around for SAFEs, bridge notes, and convertible notes).
    • A number of VCs have announced low-interest bridge loans to their portfolio companies to make payroll. Ask your investors for bridge funding first and foremost, as you may get a lower interest rate loan than other commercially available sources. You likely need money from them to land in your non-SVB account by Tues am at the latest to run payroll for Wed.

    Alternative banks that specialize in startups

    Mercury

    Brex

    First Republic Bank

    Wells Fargo:

    Chase (JP Morgan Chase):

    • Benedict Iturralde, [email protected]
      • Please provide the following to expedite account opening:
        1. Legal business name:
        2. EIN:
        3. Ownership structure in percentages: Are members also signers?
        4. Address and Phone (if different from personal):
        5. Brief description of what the business does:
        6. Attach Delaware certificate of formation (Dated within the last year)

        It is recommended that you go to a bank branch after doing this because online account setup may take up to 5 days.

    Bridge Bank

    JP Ferro: [email protected]

    https://www.westernalliancebancorporation.com/bridge-bank/about-us

  • From Crisis to Opportunity: Tech Industry Bands Together to Save Startups Impacted by SVB Failure

    From Crisis to Opportunity: Tech Industry Bands Together to Save Startups Impacted by SVB Failure

    Prominent venture capitalists, technology executives, and founders of startups have been racing to save companies that have been caught up in the collapse of Silicon Valley Bank. The sudden failure of the bank on Friday, which focuses on tech startups, has left California’s tech entrepreneurs worried about how to make payroll, leading industry executives to do what they can to save small businesses from going under.

    As more than 3,500 CEOs and founders representing some 220,000 workers signed a petition started by Y Combinator appealing to the U.S. Treasury Secretary Janet Yellen and others to backstop depositors and investigate any “malfeasance or mismanagement” by SVB executives, venture investors have been advising startups to seek alternatives to gain short-term liquidity. Meanwhile, OpenAI CEO Sam Altman bailed out some entrepreneurs from his pocket. Small startups have been stepping up to help others, highlighting the tech community’s willingness to support each other in times of crisis.

    Over the weekend, Henrique Dubugras, co-CEO of fintech startup Brex, worked hard to provide a lifeline for startups affected by the collapse of Silicon Valley Bank.

    On Friday, Brex announced an emergency credit line to help startups make payroll, which Dubugras said had attracted $1.5 billion in demand from nearly 1,000 firms by Saturday evening. Meanwhile, Aleem Mawani, founder of small company Streak, offered his funds to help other startups struggling to pay staff, saying he aimed to prioritize lending to those living paycheck to paycheck.

    Petition Signed by Over 3,500 CEOs and Founders

    By late Saturday, more than 3,500 CEOs and founders representing around 220,000 workers had signed a petition started by Y Combinator, which appealed directly to US Treasury Secretary Janet Yellen to backstop depositors, including many small businesses who face a risk of failing to pay their staff in the next 30 days. The petition calls for more robust regulatory oversight and capital requirements for regional banks and an investigation into any malfeasance or mismanagement by Silicon Valley Bank executives, warning that over 100,000 jobs could be at risk.

    Investors Advise Startups to Seek Alternative Liquidity Sources

    Venture investors have been advising startups to find alternative liquidity sources. Lowercarbon Capital, for example, has offered loans to portfolio companies that have funds stuck at Silicon Valley Bank. The firm will provide payroll support for the next two weeks and plans to wire out funds on Monday. Meanwhile, Khosla Ventures is talking to more than 100 portfolio companies, assessing their critical needs and plans to bridge where it is a lead or major investor.

    Altman Offers a Lifeline to Struggling Entrepreneurs

    Altman has provided a lifeline to struggling entrepreneurs like Rad AI’s Gurson. When the startup’s attempts to transfer funds out of Silicon Valley Bank failed, Gurson emailed Altman, who responded within an hour or two, offering him six figures, enough to make payroll with no strings attached. Altman said he did not view his contributions as risky, even if Silicon Valley Bank fails to find a buyer or loan, adding that “people are facing a real liquidity crunch through no fault of their own, and employees need to get paid.”

    The collapse of SVB has caused many in the tech industry to call for greater regulatory oversight and capital requirements for regional banks. The petition, signed by over 3,500 CEOs and founders, seeks to ensure that depositors, many small businesses at risk of failing to pay their staff in the next 30 days, are backstopped.

    With over 100,000 jobs at risk, it is essential that the tech industry comes together to find a solution. Venture investors have advised startups to seek alternatives to gain short-term liquidity, and some have already started offering loans to portfolio companies with funds stuck at SVB.

    Despite the difficult circumstances, many in the industry have shown their willingness to support others. Altman’s generosity in bailing out entrepreneurs from his own pocket and Dubugras’ efforts to secure emergency credit lines for startups are just a few examples.

    In times of crisis, the tech industry has historically come together to support one another. The collapse of SVB has reminded us of the importance of community and collaboration in times of need. As the industry moves forward, it is essential to remember the lessons learned and ensure that the necessary regulatory oversight is in place to prevent such events from happening again.

  • Silicon Valley Bank’s sudden closure sends shockwaves through financial markets

    Silicon Valley Bank’s sudden closure sends shockwaves through financial markets

    On Friday, Silicon Valley Bank had its operations shut down by California banking regulators. The Federal Deposit Insurance Corporation (FDIC) was then appointed as the receiver to handle the bank’s assets at a later time.

    The news shocked the financial world with its sudden collapse, becoming the largest bank to fail since the 2008 financial crisis. The bankruptcy has sent shockwaves through global markets and left countless companies and investors in limbo with billions of dollars at stake.

    Santa Clara-based lender Silicon Valley Bank, the 16th largest bank in the US with $209 billion in assets, collapsed abruptly due to the impact of the Federal Reserve’s interest rate hikes on the start-up space, in which it was a major player.

    Silicon Valley Bank’s attempt to offset the loss of deposits by raising capital resulted in a $1.8 billion loss on Treasury bonds, which were impacted by the Federal Reserve’s interest rate hikes.

    The failure underscores the fragility of the banking system and has prompted calls for increased regulation to prevent future catastrophes.

    Highlights

    • California regulator closed SVB and also took control of SVB’s customer deposits.
    • SVB focused on lending to start-ups; branches are to reopen Monday.
    • FDIC to sell bank assets; ‘chaos’ reported amid withdrawals.
    • Bank shares fall in U.S. and Europe.
    • Crisis exposes banking ‘vulnerabilities’ amid rising rates.
    • Bloomberg: Almost 50% of US venture capital-backed startups had ties to Silicon Valley Bank.
    • Fortune: Days before Silicon Valley Bank’s historic collapse, its CEO sold $3.6 million worth of stock in what is being considered a potentially problematic transaction.

    Silicon Valley Bank’s popularity among startups

    Silicon Valley Bank’s popularity among startups and venture capitalists extends beyond US borders, with companies and investors worldwide choosing the bank as their top choice for financial services.

    Startup founders from around the globe are working against time to move their money out of Silicon Valley Bank (SVB), which was shut down by US regulators last night, in what is being called the largest bank failure since the 2008 Lehman bankruptcy, which sparked off a global financial crisis.

    Roblox Corp and Roku Inc, both of whom had significant deposits at Silicon Valley Bank, have announced that they had hundreds of millions of dollars invested in the institution.

    Alternative digital banks for Startups

    As startups and investors seek alternative banking options in the wake of Silicon Valley Bank’s sudden collapse, Brex has emerged as a potential solution, among others. The financial services provider, valued at $12.3 billion, is expediting the process for founders looking to set up bank accounts for their businesses and is reassuring customers that it has not been impacted by the “current banking volatility.”

    In fact, Brex has reportedly received billions in deposits from former Silicon Valley Bank customers overnight.

    The company has also offered VIP support to those seeking to switch banks, making it an attractive option for startups looking for a quick and secure banking solution amidst the uncertainty of recent events.

    For its part, fintech company Mercury, which has been specializing in banking services for startups since 2019, has reported a surge in inbound interest from potential clients.

    There are several alternative digital banks for startups to consider beyond Silicon Valley Bank, including:

    1. Brex: A financial services provider that offers credit cards and cash management solutions to startups.
    2. Mercury: A banking platform that provides financial services for startups, including bank accounts, payment processing, and cash management.
    3. Chime: A mobile banking platform that offers no-fee banking services and cash management tools.
    4. Novo: A digital bank that provides business banking services and integrations with popular accounting and financial software.
    5. BlueVine: A fintech company that provides banking services to small businesses, including checking accounts, loans, and lines of credit.

    Silicon Valley Bank will reopen its branches on Monday following its sudden collapse. The bank’s closure had left many clients unsure of the fate of their investments, but this news brings some relief. Many are now watching closely to see how the bank will recover from this event.