SVB was a single point of failure that we identified for our business. It's why we had set up infrastructure with JPMC. And quite frankly, it started the process with some other banks as well. But because we assumed that this was not something that would just happen overnight, or that we would only see, would only appear to us to be happening overnight,.
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).
Hosted on Acast. See acast.com/privacy for more information.