I would like to provide you with a brief update regarding payments effected by last week’s events.
On March 10th, the California Department of Financial Protection and Innovation (DFPI) closed Silicon Valley Bank (SVB) and appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. On March 12th, the Federal Reserve, FDIC, and U.S. Department of the Treasury announced that insured and uninsured depositors of SVB would be fully protected. As a result of these events, some of our customers experienced minor disruptions in processing payments involving SVB.
We are pleased to inform you that, as of March 14th, SVB has resumed regular processing of all their payments and any minor disruptions in processing payments were resolved.
During these unprecedented times, our team acted swiftly to activate our backup plans and reroute any affected transactions to ensure consistent, accurate, and timely delivery of your payments. Internally, we assembled a dedicated task force to swiftly address all SVB related matters and issues. We continue to closely monitor the situation and will keep our communication channels open, offering updates as needed (visit our Blog for the most recent information).
I want to reiterate that Plooto remains a strong and well-capitalized business with multiple processing partners in North America with next to no exposure to SVB. We remain committed to supporting all of our 9,000+ customers in the US and Canada and we’ll not waver from our mission to accelerate the advancements of SMBs. It has never been more crucial than today to ensure that SMBs have reliable and timely access to their cash.
As always, you can reach out to me or our support channels for further inquiries at email@example.com.
Thank you for your ongoing trust and support.
Hamed Abbasi, Co-Founder & CEO