Silicon Valley Bank (SVB) has been a long-term partner of so many in the tech ecosystem, including Paddle. The events of the last few days were potentially devastating for companies that had their funds in out-of-reach SVB accounts, and for those employed by SVB. We are very glad that it has been resolved.
Our team has been helping companies with advice where we can, as well as working hard to ensure the continued smooth operations of our business. We have multiple banking partners, have the funds at hand we need to continue to operate and serve our customers, and we will continue to monitor the situation closely.
For those customers that rely on Paddle for their payments infrastructure, we are very aware of the responsibility to enable them to continue running their businesses.
- Where customers use SVB as the recipient account for Paddle payouts, we are advising them that we will not make those payments until the account details have been updated, in order to provide them access to those funds.
- We understand that some customers may be unable to pay for some of our services such as ProfitWell Retain or Price Intelligently due to funds being locked up in SVB. We want to assure these customers that we will continue to provide our services regardless of payment until the situation becomes clearer.
- Invoices sent via Paddle’s Invoicing product previously asked customers to transfer funds to an SVB account. We are working to move these to an alternative banking relationship, and are working with affected customers with outstanding invoices to ensure buyers are aware of the new payment information.
Although this was a dark moment for the startup ecosystem, we are glad that customers of SVB in the US and UK will have access to their funds, and that we can build a more robust sector together.
Christian Owens, CEO of Paddle