HSBC expands venture debt unit
Banking giant HSBC has been expanding into the venture-backed startup and scaleup market in 2023.
HSBC’s Innovation Banking unit, the banking giant’s startup funding business formed after its acquisition of Silicon Valley Bank UK, is expanding its venture debt offering.
Venture debt has been part of HSBC’s startup strategy since 2019 but since the SVB acquisition, the bank has been building out its plans in the space through a 40-strong team in the US alongside its UK-based business.
The goal is to now support companies at later growth stages; from Series A through to scaled multi-national enterprises.
In the US, HSBC’s Innovation Banking’s venture debt offering is led by Katherine Andersen, Melissa Stepanis, Sunita Patel, Peter Kidder, Jason Hughes, Prasant Chunduru, and Kevin Longo.
“We are excited about the continued expansion of our suite of products and solutions designed to serve the innovation economy,” said David Sabow, U.S. Head of HSBC Innovation Banking.
“HSBC already works with some of the largest technology and healthcare companies in the world. Early-stage innovation companies with global ambitions no longer have to change their banking partner as they build and scale,” he added.