SVB was willing to do that with me. This was sort of a, an expensive, complicated ask from a company that had no customers. We would not have been able to get our business off the ground without them. But even as a much more established company, it was not an easy thing. And I really developed, you know, a renewed appreciation for how big of a risk SVB was taking internally to sort of hand this over.
The Sunday Times’ tech correspondent brings on Parker Conrad, founder and chief executive of Rippling, to talk about getting caught in the collapse of Silicon Valley Bank (3:30), receiving a call at 5:30 am (8:30), how wide the SVB blast radius was (11:00), moving $130m to JP Morgan in three hours (13:45), raising $500m in a day (17:00), why some people still didn’t get paid (23:40), the growing vulnerabilities of regional banks (30:20), the importance of SVB to tech (32:30), Conrad's experience at Zenefits (37:15), why automating things with software is harder than it seems (42:30), and operating in a slowing economy and tighter funding environment (44:40).
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