Silicon Valley Bank (SVB) has secured approval from Federal Financial Supervisory Authority (BaFin) to open a branch in Germany.

Based in Frankfurt, the new branch will offer financing to both companies and their investors across Germany.

The bank said that it will also lend to growth stage technology and life science businesses. It will also finance acquisitions and offer working capital to companies.

Silicon Valley Bank head of EMEA and president of the UK branch Phil Cox said: “Germany is a very exciting market for us and this is an important milestone. We have long admired the developing innovation ecosystem in Germany and as our first major move in Europe since opening our UK Branch, Germany makes sense.

“We are hiring a strong team in Germany and will be covering all the technology and venture markets in Germany, from our branch in Frankfurt, in delivering real value to entrepreneurs, venture capitalists and private equity firms here.”

Silicon Valley Bank co-head of the German branch Oscar Jazdowski said: “I’m delighted to be here in Germany, having moved to Frankfurt in March. I am fortunate to have led teams in many technology ecosystems around the world with Silicon Valley Bank.

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“Germany is a perfect blend of a proven, strong historical technology base, augmented with new disruptive innovation businesses, both of which we have the knowledge and expertise to bank at SVB.”