We’ve all probably heard of SVB’s shutting down a couple of days ago. This is so unfortunate given that so many startups and VCs bank with SVB and may face liquidity problems trying to access their funds.
We’re lucky not to have any account with SVB, but like any other company we need to understand how exposed are our partners, including monday.com.
- Is monday.com exposed directly or indirectly to SVB?
- Will monday.com be able to continue making payouts to app developers as usual?
Hi @samicaracand ,
Thank you for getting in touch with us about this.
We are aware that the Federal Deposit Insurance Corp. has assumed control of Silicon Valley Bank, where we currently hold current and deposit accounts. However, as of March 10, 2023, the total balance of these accounts is less than 0.5% of the company’s total cash and cash equivalents.
Therefore, we do not anticipate any significant impact on our operations, financial condition, or liquidity.
Regarding your second question, we want to assure you that all payments are being processed as usual.
Thank you for the quick response, Matias!
Glad to help, @samicaracand !
The Feds stepped in and are covering ALL deposits, even those in excess of the FDIC insurance limit of $250,000. The system worked like it’s supposed to.