The prime minister says the move supports his priority to grow the UK economy and ’cement our position as a science and tech superpower’

Prime Minister Rishi Sunak has announced the launch of HSBC Innovation Banking – a new standalone identity rebranded from Silicon Valley Bank’s (SVB) UK arm.

HSBC acquired the UK arm of the US lender in a rescue deal for just £1 after it collapsed earlier this year (10 March 2023).

The new Innovation Banking identity marks the next chapter for SVB UK, which provides funding for startup insurtechs, a subsector of fintech.

Pikl, which provides cover for short term rentals such as Airbnb properties, was just one of the insurtechs that had funding tied up in the UK arm at the time of SVB’s collapse.

Announcing HSBC Innovation Banking during a keynote at the London Tech Week conference in Westminster yesterday (12 June 2023), Sunak said: “Today I am proud to announce the launch of HSBC Innovation Banking – the most significant global tech bank combined with HSBCs firepower and headquartered here in the UK.

“HSBC Innovation Banking will help innovative businesses to unlock their potential, create more jobs and access new global opportunities – supporting my priority to grow the UK economy and cement our position as a science and tech superpower.”

‘Same passion’

The new division includes newly formed innovation teams in the US, Israel and Hong Kong.

“This will deliver a globally-connected, specialised banking proposition to support a broad range of innovation businesses and their investors,” a statement released yesterday said.

Clare Mitchell, senior vice president for fintech venture and growth at HSBC Innovation Banking, said in a LinkedIn post that she was “looking forward to continuing to support the Fintech ecosystem”.

Mitchell, who held the same role at SVB before its collapse, added: “It may be a new name and a new identity, but we will have the same passion and focus on supporting the technology and innovation ecosystem.

“However, combined with the financial strength, product suite and global network of HSBC, we will be able to support and empower our clients to supercharge their growth globally.”