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Silicon Valley Bank gets approval to expand into Canada

Silicon Valley Bank, a lender used by some of the leading technology and life science startups in the U.S., announced that it has obtained approval from Canadian regulators to launch in that country.

The bank will open Canadian headquarters in Toronto after the Superintendent of Financial Institutions granted a license to the bank.

The Santa Clara, California-based bank has operated cross-border with Canadian firms since 2000, and has helped finance companies ranging from Drop and Shopify to SnapTravel and Vanedge Capital. The bank has financed companies in multiple international markets, including the U.K., Ireland, Germany, Israel and China.

"SVB's official entrance into Canada is another sign that our technology ecosystem is growing quickly," Andrew Graham, founder and CEO of Borowell, a Toronto-based fintech and client of SVB, said in the announcement. "They have worked with many of the world's most successful technology companies and have a deep understanding of high growth innovation companies across life stages."

Venture Capital funding in Canada hit a record $3.5 billion in 2018, involving 471 deals, according to the company, citing a report by PWC and CB Insights. Another report showed Toronto as the fastest-growing tech capital in North America for the second year in a row.