LATEST March 10, 3:10 p.m. Rippling relied on Silicon Valley Bank to process its customers’ employee paychecks, but when the bank suddenly collapsed, the human resources startup had to quickly pivot.
The firm’s CEO, Parker Conrad, posted an update Friday afternoon, saying that though SVB’s systems indicated that payments were processed, money hadn’t actually gone out to Rippling’s clients’ employees. Rippling quickly began work with its new banking partner, JPMorgan Chase & Co., and got paychecks submitted for overnight processing, meaning that customers’ employees will see their pay arrive Friday, Saturday or Monday, depending on their banks.
— parkerconrad Twitter
Conrad apologized to client employees who did not receive their paychecks on time and wrote that Rippling will reimburse overdraft charges that come as a result of the payment issue.
March 10, 1:30 p.m. Rippling, a fast-growing human resources startup based in San Francisco, is feeling the heat from the sudden collapse of Silicon Valley Bank.
The software company, which raised funding at an $11 billion valuation last year and is a popular HR option for other tech startups, was struggling to get customers’ employees their pay Friday, according to an announcement from the CEO. Rippling relied on Silicon Valley Bank to run payments for its client companies, and after the U.S. seized the assets of the bank Friday, some workers across the country are stuck waiting for their money.
“Pay runs in flight for today out of SVB have not been
