Airbase currently processes over $5 billion of annual payments on behalf of its customers, with a large portion flowing through SVB from customer bank accounts. On that particular day of the collapse, a \u201cfairly large portion\u201d of Airbase\u2019s customers \u201chad payments in flight,\u201d Kote said.<\/p>\n

That meant that not only were they drawing funds for payroll but also to pay vendors, including many time-sensitive payments. The funds in transit totaled eight figures, and much of that was ultimately delayed by a few days, he said.<\/p>\n<\/p><\/div>\n

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