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:
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