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IBOS member Silicon Valley Bank (SVB) has announced that it has been granted a licence in Canada from the Superintendent of Financial Institutions and has opened its Canadian headquarters in Toronto.

With approval from the Superintendent of Financial Institutions, SVB may immediately commence lending to technology, life science, private equity and venture capital companies across Canada from its new base in Toronto. The bank provides additional cross-border banking services to Canadian companies that have or seek a US presence.

Venture capital funding in Canada hit a record high in 2018, with $3.5 billion USD invested through more than 471 deals, according to the MoneyTree Canada report by PwC Canada and CB Insights. Toronto was named North America’s fastest growing tech market by CBRE for the second year in a row in 2018.

Read the full press release via SVB here.