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?

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

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

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

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

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

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

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