Rippling CEO on Dealing with Payroll After SVB

Rippling, a payroll and HR software company, faced a crisis when Silicon Valley Bank (SVB) failed, affecting their payroll services. They quickly transitioned to JPMorgan Chase, using $130 million of their own capital to ensure 50,000 employees were paid. Despite the SVB crisis, Rippling raised $500 million, strengthening their financial position. They emphasize bank diversification and have strong venture capital support. Rippling plans to invest in R&D to enhance their product offerings, maintaining resilience in the financial system.

How much capital did Rippling use to ensure that employees received their paychecks?

What actions did Rippling take to ensure employees were paid after the failure of Silicon Valley Bank?

What was the main reason for Rippling to diversify their banking relationships?

How did Rippling's team respond to the urgency of the situation when SVB failed?

What was the valuation of Rippling when they raised additional funds?

What did Rippling plan to do with the $500 million raised after the SVB situation?

What challenges did Rippling face in ensuring payroll was processed after the bank failure?