Thousands of companies have been scrambling to cover their expenses after a major Californian bank collapsed on Friday. Silicon Valley Bank (SVB) provided financing for nearly half of America’s tech start-ups and healthcare companies before it went into receivership on Friday following a “classic bank run”. That saw a large number of customers withdraw their money, leaving the bank short of funds. SVB’s failure is notable because it was the 16th biggest bank in the US last year, with $209 billion in assets and $175 billion in deposits – and analysts say it’s the 2nd-largest bank failure in America’s history. California’s Governor Gavin Newsom says he’s working with the White House to help “stabilise the situation as quickly as possible”, but the government has ruled out a bailout. Reports say some Aussie start-ups have been affected, and the collapse is expected to rattle share markets here and around the world.