// STARTUP COMPARISON
Tpaga vs Silicon Valley Bank
Tpaga failed in 2021 due to Competition. Silicon Valley Bank failed in 2023 due to Unit Economics. Different causes, different sectors, different eras — but the same simulation outcome.
| METRIC | 🔥 Tpaga | 🔥 Silicon Valley Bank |
|---|---|---|
| Sector | Fintech | Fintech |
| Country | Colombia | USA |
| Founded | 2014 | 1983 |
| Died | 2021 | 2023 |
| Raised | $15M | Public company (SIVB) |
| Peak | 2M users | $209B assets |
| Primary Cause | Competition | Unit Economics |
// WHY EACH FAILED
🔥 Tpaga
Competition
Tpaga was one of Colombia's first mobile payment apps, reaching 2M users. Bancolombia launched Nequi as a fully-funded neobank subsidiary in 2016, leveraging Bancolombia's 16M customer base and zero-marginal-cost acquisition. Daviplata, Davivienda's digital wallet, similarly used a captive bank customer base. Tpaga could not match the customer acquisition advantages of bank-backed wallets and was acquired by AXA Colpatria in 2021, effectively ending its independent trajectory.
// LESSON
Independent payment wallets in markets where incumbent banks have captive digital distribution face a structural CAC disadvantage. The bank acquires at zero marginal cost from existing relationships. The startup pays $5-15 per user. The math doesn't work long-term.
Independent payment wallets in markets where incumbent banks have captive digital distribution face a structural CAC disadvantage. The bank acquires at zero marginal cost from existing relationships. The startup pays $5-15 per user. The math doesn't work long-term.
🔥 Silicon Valley Bank
Unit Economics
Silicon Valley Bank collapsed in March 2023 after a bank run driven by duration mismatch. SVB had invested deposits in long-duration bonds during low-rate periods. When rates rose, those bonds lost value. SVB announced a $1.8B loss on bond sales and a capital raise — triggering a $42B bank run in 24 hours. The FDIC seized SVB on March 10, 2023 — the second-largest bank failure in US history.
// LESSON
Asset-liability duration matching is not optional for banks. Investing short-term deposits in long-term bonds is a structural bet against rising rates. SVB had $80B in long-duration bonds when the Fed began the fastest rate rise cycle in 40 years.
Asset-liability duration matching is not optional for banks. Investing short-term deposits in long-term bonds is a structural bet against rising rates. SVB had $80B in long-duration bonds when the Fed began the fastest rate rise cycle in 40 years.
// EXPLORE FURTHER