I immediately jumped into our “war room” on Zoom.Īt first, we thought this was an operational issue: SVB’s systems indicated that payments had already been successfully processed. telling me that some of our clients’ employees hadn’t seen their payments arrive yet. All of this had been set in motion earlier in the week, long before news of SVB’s troubles had broken.īut trouble did break. Everything was teed up as usual: Funds from clients had arrived into the transient account at SVB, and instructions for paying out to employees had already been submitted to the bank. That same Friday was payday for many Rippling clients. Rippling’s primary banking partner, Silicon Valley Bank (SVB), collapsed with dizzying speed on Thursday, March 9, and entered FDIC receivership on Friday, March 10. It all started on Friday, March 10th at 5:30 a.m. This was an unusual round, raised in record time and for a purpose that ultimately resolved on its own. The round values the company at $11.25 billion, the same as the company’s Series D financing in May 2022. Rippling has raised $500M in a round led by Greenoaks.
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