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Rippling’s Parker Conrad: “We raised $500m in one day to survive the SVB collapse”
The Times Tech Podcast
The Problem With Fronting Capital for a Pay Run
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.
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