Takeaways from the SVB failure crisis at IFGS 2023

# **Valentina Kristensen** on the Progress of Neobanks and the Crisis of Silicon Valley Bank at IFGS 2023

Valentina Kristensen, Director of Growth and Communications at OakNorth, provides an update on the progress made by neobanks and their successful lending practices at IFGS 2023. She also dives into the key findings from the Silicon Valley Bank failure crisis and shares what’s in store for OakNorth[^1^].

For more fintech-related news, visit [Finextra](https://www.finextra.com)[^2^].

## **Video Transcript**

Foreign Extra TV reports from UK Fintech Week at Innovate Finance Global Summit (IFGS) in London. Valentina Kristensen from OakNorth Bank joins us to discuss the state of neobanks and their impact. She also tackles the question of whether neobanks are still challenging traditional banks[^3^].

Kristensen reflects on the progress made since the 2008 financial crisis. The fintech landscape has significantly evolved, with terms like “Challenger Bank” and “neo bank” taking on new meanings. OakNorth Bank, established in 2015, has witnessed tremendous growth during its years in the sector[^3^].

During the interview, Kristensen discusses an interesting development involving OakNorth and Silicon Valley Bank (svb). Although OakNorth submitted a bid to acquire svb’s UK entity, the bid was awarded to HSBC. Kristensen emphasizes OakNorth’s commitment to supporting SMEs and discusses the potential for future acquisitions[^3^].

Kristensen also shares some crucial insights from the Silicon Valley Bank crisis. Diversification is a key learning, highlighting the need for businesses to diversify their models and revenue streams. OakNorth, for instance, prioritizes serving a broad range of businesses across various sectors[^3^].

In terms of their future plans, OakNorth places a strong focus on supporting high-growth SMEs. By providing capital and banking services to businesses in the scale-up phase, OakNorth aims to drive productivity, innovation, and job creation. They are determined to assist their customers during challenging times by remaining a steadfast lender[^3^].

Stay tuned to witness OakNorth’s journey and the impactful role they will play in the future of fintech[^3^].


## **Sources**
[^1^]: [YouTube Video: Valentina Kristensen on the Progress of Neobanks and the Crisis of Silicon Valley Bank at IFGS 2023](https://www.youtube.com/watch?v=VIDEO_ID)

[^2^]: [Finextra – Fintech News Source](https://www.finextra.com)

[^3^]: Video transcript by [Foreign Extra TV](https://example.com/)

Valentina Kristensen, Director Growth and Communications, OakNorth, speaks at IFGS 2023 and brings us up to date with progress made by the Neobanks, whether they are still lending successfully, key findings from the Silicon Valley Bank failure Crisis and what’s next for OakNorth. 

For all your fintech-related news, please visit https://www.finextra.com