{"id":28126,"date":"2023-04-03T21:58:50","date_gmt":"2023-04-03T21:58:50","guid":{"rendered":"https:\/\/scienceandnerds.com\/2023\/04\/03\/how-a-fintech-company-handled-a-fintech-crisis\/"},"modified":"2023-04-03T21:58:53","modified_gmt":"2023-04-03T21:58:53","slug":"how-a-fintech-company-handled-a-fintech-crisis","status":"publish","type":"post","link":"https:\/\/scienceandnerds.com\/2023\/04\/03\/how-a-fintech-company-handled-a-fintech-crisis\/","title":{"rendered":"How a fintech company handled a fintech crisis"},"content":{"rendered":"

Source:https:\/\/techcrunch.com\/2023\/04\/03\/airbase-svb-crisis\/<\/a><\/br>
\nHow a fintech company handled a fintech crisis<\/br>
\n2023-04-03 21:58:50<\/br><\/p>\n

\n

Airbase found itself trying to access its own funds while also helping customers<\/h2>\n
\n\t\t\t\n\t\t<\/div>\n<\/p><\/div>\n
\n

When Silicon Valley<\/a><\/span> Bank collapsed earlier this month, it sent massive waves across the banking and venture capital worlds, and beyond.<\/p>\n

Companies like Rippling<\/a>, Brex<\/a> and many others<\/a> scrambled to secure funding to offset not being able to access funds, while companies on the payments side, like Etsy<\/a>, worked to find alternative ways to process payments.<\/p>\n

Spend management company Airbase<\/a> found itself straddling both of those worlds during the SVB crisis. TechCrunch+ spoke with CEO Thejo Kote about how Airbase not only had its funds with SVB but also was \u201cthe only spend management company that uses SVB as the payment rails for large parts of our platform.\u201d<\/p>\n

\"\"<\/p>\n

Airbase CEO Thejo Kote. Image Credits: <\/strong>Airbase<\/p>\n<\/div>\n

When all of this went down initially, much of the attention was focused on the depositors who held funds, Airbase included; SVB was its primary operating bank, Kote said. SVB went into receivership on March 10, but there wasn\u2019t the first sigh of relief until March 12 when the U.S. government stepped in and said deposits would be protected<\/a>.<\/p>\n

\u201cIt was kind of a rollercoaster ride until that news [about the protected deposits] came out,\u201d Kote said. \u201cWe had a unique front-row seat to this episode as a company that has its payment rails in SVB.\u201d<\/p>\n

Impact on the business<\/h2>\n

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

<\/br><\/br><\/br><\/p>\n

Science, Tech, Technology<\/br>
\n<\/br>
\nSource:https:\/\/techcrunch.com\/2023\/04\/03\/airbase-svb-crisis\/<\/a><\/br><\/br><\/p>\n","protected":false},"excerpt":{"rendered":"

Source:https:\/\/techcrunch.com\/2023\/04\/03\/airbase-svb-crisis\/ How a fintech company handled a fintech crisis 2023-04-03 21:58:50 Airbase found itself trying to access its own funds while also helping customers When Silicon Valley Bank collapsed earlier this month, it sent massive waves across the banking and venture capital worlds, and beyond. Companies like Rippling, Brex and many others scrambled to secure […]<\/p>\n","protected":false},"author":1,"featured_media":28127,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","om_disable_all_campaigns":false,"pagelayer_contact_templates":[],"_pagelayer_content":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[26,17,8],"tags":[],"class_list":["post-28126","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-science","category-tech","category-technology"],"yoast_head":"\nHow a fintech company handled a fintech crisis - Science and Nerds<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/scienceandnerds.com\/2023\/04\/03\/how-a-fintech-company-handled-a-fintech-crisis\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"How a fintech company handled a fintech crisis - Science and Nerds\" \/>\n<meta property=\"og:description\" content=\"Source:https:\/\/techcrunch.com\/2023\/04\/03\/airbase-svb-crisis\/ How a fintech company handled a fintech crisis 2023-04-03 21:58:50 Airbase found itself trying to access its own funds while also helping customers When Silicon Valley Bank collapsed earlier this month, it sent massive waves across the banking and venture capital worlds, and beyond. 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