Aust companies gaining access to SVB funds

Several ASX-listed corporations say they've been able to access their funds at Silicon Valley Bank after an uncomfortable few days following the US bank's collapse over the weekend.

Enero Group said on Wednesday it had "successfully secured" the US$7.82 million the creative agency had on deposit with SVB, with the funds now held "at a major US financial institution".

Life360 said on Wednesday it was able to gained access to its funds in SVB accounts on Monday, US time, and was transacting normally.

The San Francisco area-based software company had $US6.1 million in cash with SVB. The bank was also the custodian of $US75.4m of Life360's funds in money market mutual funds managed by other companies such as Morgan Stanley. Those funds weren't at risk, but over the weekend it wasn't immediately clear how quickly Life360 would have access to them.

Meanwhile SiteMinder said that SVB had confirmed it would honour its $US20 million undrawn revolving credit facility, put in place for contingency purposes. The hotel commerce platform is working with other banks to further broaden its banking arrangements.

The US Securities and Exchange Commission and the Justice Department have both opened investigations into SVB"s collapse, the second-biggest bank failure in US history.

The US Treasury, the Federal Reserve and the Federal Deposit Insurance Corporation announced on Monday morning, Australia time, that all of SVB's customers would have access to their funds, even those with deposits exceeding the $US250,000 federal insurance threshold.

"We are open for business and are hard at work bringing all systems and solutions back online to support you," Tim Mayopoulos, the newly appointed CEO of what is now known as Silicon Valley Bridge Bank, said in an update on the bank's website on Tuesday.

"We are making new loans and fully honouring existing credit facilities."