A message from Unit on Silicon Valley Bank

March 10, 2013

We've been receiving client questions about the current situation with Silicon Valley Bank (SVB) and how this impacts Unit and our bank partnerships. We wanted to follow up with a reassuring message.

First things first: Unit is not affected by this situation. We spread our corporate deposits across multiple banks and money market funds. Our exposure to SVB specifically is immaterial and is limited to a small operational account (<1%) that we used to pay vendors and receive payment from clients.

Unit’s bank partners, your relationships with them, and the end-customer deposits are also not at risk. We do not expect this situation to have any material effect on the evolution of our ecosystem.

A couple of tactical items we wanted to bring to your attention:

  • Since Unit has been using SVB for billing purposes, please be on the lookout for updated billing information from us soon.
  • We are seeing and expecting increases in deposits with our bank partners, and are prepared to handle incoming funds. If you are interested in transferring any corporate deposits to your bank partner, please let us know and we can put you in touch with the right person at the bank. As always, feel free to contact your bank partner directly.

Please let us know if you have any questions, or if you are impacted by this situation in any way so that we can work with you and our bank partners on next steps.

As always, thank you for your trust and partnership.

Itai Damti, CEO