SVB sold about 130 million dollars of money market mutual funds at JP Morgan and move the cash into our customer funds account at JPMC so that we would be ready to send it out if we were able to hit the timeline. "We always felt very strongly that if customers had sent us money, even though it wasn't our fault, it was our responsibility to make sure their employees got paid," he says.
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.