Finance

Fintechs were already clustered in New York and San Francisco. Now that most startups work with the four largest banks, it's even harder to create new technology in the heartland.

There were more than 30 funding events in the insurtech sector.

The startups will receive $50,000 in seed funding.

In an all-cash transaction valued at approximately $2.6 billion.

Digital Insurance spoke with Joel Albarella, founder and head of New York Life Ventures

The collapse of Silicon Valley Bank ratcheted up the financial pressure on startup companies that was already building. How can new entrants adapt?

Some tech startup clients had to scramble to retrieve money as the bank was closing. Many wonder which financial institution will fill the void. 

Panic withdrawals brought down a bank within two days, and many point to some venture capitalists, who urged companies to pull money out of the bank.

Some venture capitalists raced to assist in setting up temporary cash funds to help affected startups make payroll next week.

The funds were seen as safe havens when word spread that SVB's finances were worsening.