The Chaotic Collapse of Silicon Valley Bank and Its Impact on Startups
Dispatch Goods, a Silicon Valley Bank customer, scrambled to find alternatives to pay employees after the bank's collapse. Founder Lindsey Hoell raced to open a new account at Wells Fargo, but by the time she returned, the SVB site was bogged down. The FDIC eventually stepped in to protect all SVB depositors, and Dispatch Goods was able to access its account and make payroll on time. Hoell said the experience taught her the importance of diversifying banks.