Payments

Connectbase purchases $16M debt facility from Silicon Valley Bank

July 18, 2023

Connectbase, a cloud connectivity provider, has purchased a $16 million debit facility from Silicon Valley Bank. With this facility, it aims to expand its reach with managed service providers, data centers, mobile network operators, tower companies, real estate management companies and more.

"Silicon Valley Bank is excited to support Connectbase as they execute their vision and scale the business," Chris Morrison, managing director at Silicon Valley Bank, said in a press release. "Our facility will not only support its continued expansion but will benefit many of the customers who leverage the Connectbase platform. We look forward to continuing to work with their team by providing financial solutions and advice to support their goals."

Silicon Valley Bank made headlines in March when it collapsed due to a massive rush by depositors. It was acquired by First Citizens Bank.