The long-time boss of Silicon Valley Bank’s (SVB) UK arm, who stayed on after its collapse and rescue by HSBC last year, has been poached by London-based investment firm Octopus Ventures.
Erin Platts has been appointed UK chief executive of Octopus Ventures, marking the end of her two-decade career with SVB, which collapsed last year.
Platts is due to stay in her role until the end of the year to help choose a successor and become a “special advisor” to HSBC from the beginning of 2025.
“After 20 years at Innovation Banking, with the bank in a strong position and with an experienced and stellar leadership team in place, I thought carefully about my next challenge,” Platts said.
“As someone who’s supported and championed the UK and European technology ecosystem, I’ve worked for many years alongside Octopus Ventures, as one of the most active early-stage investors in the same ecosystem.
“I have always been a big fan and feel a clear alignment on values, so I am thrilled that I’ll still be supporting technology entrepreneurs and founders to achieve their goals.”
The implosion of SVB in 2023 shook the British start-up industry and triggered a government-led rescue effort in which ministers and tech figures scrambled to find a lifeline for the firm over a single weekend.
The rescue of the Silicon Valley Bank UK and its transition to HSBC Innovation Banking last June was a commercially shrewd move by HSBC. The bank reported a gain of $1.6bn on the deal after buying the business for a solitary £1.
“Having worked closely with Erin as we’ve developed HSBC Innovation Banking, I have valued her leadership, expertise and unwavering commitment to both our clients and colleagues across Innovation Banking globally, but especially within the UK,” said HSBC UK chief executive Ian Stuart, who oversaw the acquisition last year.
Simon Rogerson, Octopus Group co-founder and chief executive, said Platts will help lead Octopus Ventures into its “next phase of growth”.
He added: “You need strong teams, capital at every life stage and people in your corner who will champion your vision.
“Erin has been that champion for decades and I couldn’t think of a person better equipped than her to lead our venture capital business into its next phase of growth.
“Her ability to scale a business is remarkable. Her verve and optimism for the founder community is contagious and we can’t wait to have her on board in the new year.”