SVB Loan to Struggling Fintech Clearco Bought by Venture Backers

A $60 million Silicon Valley Bank loan to Clearco is being scooped up by the struggling Canadian e-commerce lender’s original venture backers, according to people with knowledge of the matter.

iNovia Capital and Founders Circle Capital, joined by the still operating venture capital arm of SVB, are buying the loan from Canada’s financial regulator, which has been seeking to wind up the failed bank’s Canadian operations since mid March, the people said. Clearco was SVB Canada’s largest debtor among more than 200 firms primarily in the technology, life sciences and clean technology industries.

A Clearco spokesperson declined to comment. ...