We took swift action to ensure financial stability during this period of uncertainty in the U.S. banking system.
What’s happening: Silicon Valley Bank collapsed on Friday, which set off a chain of events in the startup banking ecosystem.
By the numbers:
- We no longer had a banking relationship with SVB when it collapsed.
- On Friday we setup a new corporate account with JPMorgan Chase, the largest bank in the country.
- We also implemented an Insurance Cash Sweep account with Bridge Bank, which spreads our total balance over as many banks as possible to ensure it’s covered by $250K FDIC insurance.
Why it matters: It’s important our customers, staff, and investors know we took swift action when the country’s second-largest bank failure occurred.
The bottom line: We remain open for business.