Octopus Ventures appoints Erin Platts as CEO

Erin Platts has been appointed UK chief executive of Octopus Ventures, marking the end of her two-decade career with SVB, which became HSBC Innovation Banking last year

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 hired by London-based investment company Octopus Ventures.

Erin Platts has been appointed UK chief executive of Octopus Ventures, marking the end of her two-decade career with SVB, which became HSBC Innovation Banking 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 have worked for many years alongside Octopus Ventures, as one of the most active early-stage investors in the same ecosystem, she said.

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, she added.

The implosion of Silicon Valley Bank 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 company over a single weekend.

The rescue of the SVB UK and its transition to HSBC Innovation Banking last June was a commercially shrewd move by HSBC. The bank reported a gain of $1.6 billion on the deal after buying the business for a solitary £1.

Having worked closely with Erin as we have 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 said: You need strong teams, capital at every life stage and people in your corner who will champion your vision.