The 15th is a big day for payroll, generally. A bunch of that money was debited on Thursday before all of this went down from our client account. So it basically moved from our clients on Thursday over to our SVP account and was then getting scheduled to be paid out on Wednesday and frozen. And so what we didn't have the capital to cover payroll all way through Wednesday, even if we spent every last time that we had. The second thing that I did is talked to investors about getting an additional capital injection and basically raise money for the company. Like a venture capital fundraising round.
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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