Today has been a roller-coaster for Kiwi businesses tied to Silicon Valley Bank.

RocketLab, Comvita, Xero, and ikeGPS were among the businesses who were due to lose money from the collapse until US Treasury stepped in to guarantee all deposits.

Glenn Milnes, CEO of ikeGPS was among the many business owners surprised by the sudden collapse of  Silicon Valley Bank.

Glenn Milnes says ikeGPS was diversified in where they held their money, but it was concerning to have a percentage of their deposits on the line.

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