Serko (ASX:SKO) confirms no funds at Silicon Valley Bank; shares surge

Serko (ASX:SKO) has confirmed that none of its funds are held at Silicon Valley Bank.

The travel management and expense technology company headquartered in New Zealand says instead, its short-term deposits are deposited with New Zealand trading banks, and most of its cash on hand is deposited with the same banks.

Serko's share price closed up almost 11% today.