Rippling secures $500 million emergency funding amidst Silicon Valley Bank collapse.
Thousands of companies, including emerging startups, banked with Silicon Valley Bank (SVB), which was taken over by federal regulators last Friday. Smalls, a direct-to-cat-owner company, was one of them. Smalls had to move all its money from other banks into SVB and exclusively use SVB credit cards and accounts to get a $3 million loan. If they moved any of their millions out of the bank, they’d be breaching a contract that required them to bank exclusively with SVB and lose access to $4 million that the bank had committed to lend them.