Roku says $487 million held in deposits with Silicon Valley Bank

Streaming units maker Roku Inc mentioned on Friday it had about $487 million, or 26% of its money and money equivalents, held in deposits with SVB Financial Group, which has been closed down by California banking regulators.

Roku in a regulatory submitting additionally mentioned its deposits with SVB have been largely uninsured, sending its shares down 10% in prolonged buying and selling.

SVB was shuttered by banking regulators on Friday in a bid to guard depositors following a dive within the worth of its funding holdings and a rush of withdrawal requests beginning simply two days in the past.

Regulators appointed the Federal Deposit Insurance Corp (FDIC) as receiver, which mentioned that insured depositors will regain entry to their deposits no later than Monday.

The shutdown despatched shockwaves by the startup neighborhood because the financial institution has been central to the formation of many early-stage corporations.

Online gaming agency Roblox additionally mentioned it had about $150 million in deposits with SVB.

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