S V B is a single point of failure for Facebook. The company had long ago set up a contingency plan with JP Morgan to switch over if S V B failed. But even on Thursday, when people thought things were deteriorating quickly at S V B, we did not imagine and certainly the folks on our board didn't think that payments would fail on Friday.
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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