A March 12 update from CEO and Founder René Lacerte regarding Silicon Valley Bank closure

March 12th, 2023

An update on outstanding payments and delays

Dear valued customers,

We shared Friday that the California Department of Financial Protection and Innovation (DFPI) closed Silicon Valley Bank (SVB). This afternoon, we learned that the Federal Government stepped in to protect all depositors. Given this new information, we are providing an update to keep you informed about how we are working diligently to complete outstanding payments to support those that are impacted by the SVB closure.

Even though the government has now stepped in, the timing of the payments in process may take a few extra days. We continue working with our financial and regulatory partners to make sure all future actions we take will minimize the impact to our customers.

In the meantime, we have identified customers who could experience payment delays as a result of SVB’s closure. We are proactively communicating directly with these customers.

We will continue to work hard to ensure your payments are processed successfully as soon as possible.

We are here to help. View a video message from René to our accountant partners here.

René