founder Michael Browne's successful entrée in to the wine industry. SVB also touted its own deep knowledge and understanding of the industry, including the capital investment that's required to start a wine business. Online marketplace Etsy said SVB is among the banks it does business with. As a result, a small number of its sellers saw delays in receiving payments.
The company moved its business to SVB in 2021 and was turning a profit within two years, with tens of millions of dollars in its account with the bank, CEO Ashley Tyrner told CBS News. But when California regulators seized SVB on Friday, FarmboxRx lost access to"the eight figures" it had in its SVB account.
Tyrner said it will move the company's remaining capital held by SVB to another account once it can access its funds. The digital health care startup focused on the medical needs of the LBGTQ community, such as providing hormone therapy for people who are transitioning, was also caught up in the SVB fallout.
Corporations that used Rippling to pay their own employees, like health care startup Flow Health, which has 1,000 employees, were also affected even though they weren't bank customers. "Our business didn't bank with Silicon Valley Bank, just our payroll provider did. So we were very unfortunate to be caught up in this situation," Flow Health CEO Alex Meshkin told CBS News."Our employees were not able to be paid on time on Friday.
And still?
How’d that go for them?
😞