Silicon Valley Bank Collapse: Should You Consider a New Fintech Job?

Three fintech job ideas from Jobbio’s Kirstie McDermott.

Image source: Pexels

With Silicon Valley Bank’s (SVB) collapse dominating column inches, those working in the broader startup sector are understandably nervous about what’s next.

SVB was one of a trifecta of US banks that failed last week, including Silvergate Capital and Signature Bank, known as the two main banks for crypto companies. SVB provided banking services to more than 2,500 venture capital firms, as well as nearly half of America’s VC-backed technology and life-science companies.

Its reach was beyond the United States: its British branch, SVB UK, is reported to hold $3 billion in venture capital-backed firms’ funds, or more than 300 companies. According to Reuters, more than a third of these may run into cash flow difficulties within a month.

Rescue measures

To prevent that from happening, the UK government and the Bank of England orchestrated a private sale of the UK business to HSBC for a token £1 and stipulated that customer deposits be protected.

Similar rescue measures have been implemented in the US where the federal government has said it will guarantee all deposits for SVB and Signature depositors.

Looking at the bigger picture, things are still shaky. More than $70 billion was wiped off the value of the cryptocurrency market, and in Europe banks had their worst day in a year on the pan-European Stoxx 600, which closed down 2.34 percent on Monday. On Tuesday, things had improved, with the FTSE opening lower but stabilizing.

With fears of contagion, or the worry that a domino effect could occur with other banks falling, as well as knocking on the wider financial system, it’s no wonder people are nervous.

Positive view

There is a more positive outlook for those working in London and the wider UK fintech sector. London has long been at the forefront of financial services, and it has embraced major changes in the industry with gusto: 56 percent of traditional financial institutions have put disruption at the heart of their strategy, according to the UK’s FinTech State of the Nation report. .

The report also says London has the world’s highest concentration of financial and professional services firms at 64,000, and around 76,500 people work in the sector across the UK, with this figure set to grow to 105,500 by 2030.

A global workforce of talented individuals, access to finance and a regulatory framework that includes the Financial Conduct Authority’s sandbox (where companies can test their technology) all speak to growth. “Overall, it is very clear that the FCA sandbox has delivered real value to businesses,” says Deloitte.

If you’re looking for a new job this year, and want to see what’s out there before you take the leap, there are thousands of open roles available on the AltFi Job Board, like the three below.

Site Reliability Engineer, GoCardless, London

As a Site Reliability Engineer at GoCardless, you will be part of a small team that determines the direction of the core GoCardless stack. You will be working with workloads in Kubernetes, and with a large list of technologies in play, you are not expected to have experience with them all, but enthusiasm for the infrastructure space and the impact your work can have on others is key. To apply, you must demonstrate skills in writing clean code, covered by tests, in one or more programming languages, such as Go and Ruby. You will also have knowledge of deploying scalable and resilient applications in a containerized environment. In addition, you will have experience in building scalable and fault-tolerant infrastructure in the cloud. Find all the details for this job here.

Senior Full Stack Engineer, MoonPay, London

Building web3 infrastructure for the crypto economy, MoonPay is hiring a Senior Full Stack Engineer to architect and develop new and existing products and features, collaborate with product managers to come up with the best solutions and implementation plans, and implement UX and UI in MoonPay’s customer-facing app .You scale systems to support our ever-growing partner and consumer base and write fully tested, high-quality, efficient code on both the backend and frontend. If you have extensive engineering experience from leading startups or fast-growing technology companies and are comfortable working in a full stack role on the front and backend, this could be a perfect fit. See more about the role’s responsibilities here.

Fraud Analyst, Cleo, London

Cleo is building an AI to empower people to make better financial decisions. As a Fraud Analyst, you will lead the fraud team, ensuring Cleo can move quickly by leveraging rich user data to see insights turned into real impact to cut fraud rates. You will work with multiple third-party partners, assess their capabilities, determine their potential impact on Cleo, and integrate their data sources into our internal decision-making frameworks. You need several years of experience with quantitative analysis in a digital product environment, solid SQL experience and the ability to dig deep through various data sources to find insights. Experience in an area of ​​adversarial risk prevention or detection, whether related to community integrity, petty crime prevention or account security is a plus. Find out everything you need to know about this position now.

Browse the AltFi Job Board to find your perfect role today