I can’t believe it’s been a year since the SVB collapse and the banking crisis. What has changed? What have we learned?

I enjoyed contributing to and learning from this piece. Here are five takeaways for me:

1. Forever, it was completely rational and normal to single source a deposit bank. Today, every startup and VC fund has multiple bank accounts and redundancy. Even for those that stayed with SVB or FRB, they have multiple providers.

2. The trust barrier to adoption has been lowered - as part of a portfolio. People were willing to try new startups and non-tech incumbents as part of a broader portfolio of providers. But it makes it harder to win the full wallet

3. As a result, this created a huge opportunity for startups to fill this void. Companies like Brex, Mercury, MEOW, and others scaled rapidly.

4. Last year, I predicted in Forbes that fintech will coalesce around two stable points. "On the one hand, players can be nimble, rapid, adaptable companies. That’s where fintechs shine. Already, a number have reacted fast to the unfolding SVB collapse, doing everything from rapid enrollment to creating credit lifelines. On the other hand, boring, timeless stability will be a feature, not a bug. Incumbents that thrive will stay true to traditional risk management may see lower short term growth, but enduring long-term survival." I think that is happening.

5. Counterparty risk became a conversation more broadly. SVB showed us that even the most stable companies are not necessarily unshackable partners. What happens if another core partner is down?

The SVB crisis was in some ways an isolated experience, but we're seeing this live in Change today. Many of these lessons seem as important today (though not 1:1 of course).