Wrapbook Update: Our Response to Collapse of Silicon Valley Bank
Background: The bankruptcy of Silicon Valley Bank has had a widespread impact, particularly on companies that provide payroll services for employees. We have seen a number of companies issuing announcements and updates regarding the situation, and we are closely monitoring developments to help people understand the situation.
We wanted to provide you with our latest update on how Wrapbook is responding to the collapse of Silicon Valley Bank (SVB) which we were using to move payroll funds.
Here is the latest from our CEO, Ali Javid. This was our second email communication to our customers in 24 hours.
- Wrapbook uses multiple banks for our operating funds. We have 96% of our funds outside of SVB and have a strong cash position.
- We will use our cash position to provide liquidity to our clients, ensuring that any payroll funds with SVB are covered.
- We have remediation plans underway with another bank to resume processing payroll early next week.
- We will reimburse cast and crew for overdraft fees incurred due to SVB’s collapse. Instructions will be emailed to those impacted.
By Monday, we will provide a concrete update on payroll processing.
Our team is available to answer any questions you may have. Please reach out to us at support@wrapbook.com or directly with your customer success manager.
Our next formal communication will be no later than Monday, March 13th.
