Growth debt firm Bootstrap Europe has acquired Silicon Valley Bank’s (SVB) German portfolio of $169 million loan commitments for $64 million from the US Federal Deposit Insurance Corp (FDIC). The loans are a diversified portfolio of technology and healthcare businesses backed by global top-tier technology and Venture Capital (VC) investors.
“The German ecosystem is one of the most promising for technology debt in Europe. The team at Bootstrap has had its sights set on Germany which sits at the top of its strategic growth map. The local SVB team has done such a tremendous job establishing trusted relationships with local venture funds and has carefully built a case for technology debt as a useful financing tool for German entrepreneurs. We intend to capitalise on this great work, continue nurturing the German ecosystem and grow Bootstrap's presence locally,” said Fatou Diagne and Stephanie Galantine Heller, Managing Partners and co-founders of Bootstrap Europe.
“It’s a rarity to experience and witness, firsthand, the growth of a business that made such a historic mark on the technology industry. SVB will always hold a special place in my life, and having the ability to acquire the German arm of SVB in my capacity of Partner at Bootstrap Europe is something I never could have imagined happening. I am thrilled to revive the entrepreneurial spirit of SVB through Bootstrap, and look forward to the months to come as we enter a new market in such a efficacious way,” said Eliott Saba, Partner at Bootstrap Europe, and former Vice President of Fintech Venture and Growth at Silicon Valley Bank.