Silicon Valley Bank (SVB) Collapse and The Implications for Finance Teams

The Federal government’s support for Silicon Valley Bank (SVB) and several other financial institutions was crucial in averting an imminent crisis for numerous companies. But note that while the FDIC provided coverage for unsecured deposits for SVB and Signature Bank, it’s impossible to predict how they may behave in future situations. 

Finance teams should seize this opportunity to strengthen financial resilience and enhance their risk management capabilities.

As leaders, CFOS must proactively assess their exposure and risk in light of recent events. Companies must prioritize their banking setups and develop robust operational safeguards to ensure the continuity of critical functions, such as payroll and mission-critical spending.

As a team with decades of hard-fought payment experience, we understand the criticality of the upcoming weeks for mid-market and start-up companies and the small and regional banks that play a pivotal role in driving innovation in the US.

It remains to be seen how the banking crisis, coupled with other significant events such as the war in Ukraine and the ongoing economic downturn, will impact the long-term prospects of these entities.

Mesh is committed to supporting its customers in the face of shifting dynamics. Whether by helping companies link new bank accounts to Mesh or assisting them to manage their spend and cashflow forecasts, Mesh will support companies in navigating this crisis. 

Mesh is here to support finance teams

Mesh is bank-agnostic, making it simple to connect to new or multiple corporate bank accounts quickly and easily. With updated bank linking flows, Mesh makes it easy for its customers to connect their alternative banks and accounts to the Mesh platform. Even if customers have opened new accounts in the past week, they can conveniently link them to Mesh from their payments dashboard.

Mesh’s support and customer activation teams work around the clock in all time zones to assist customers and onboard new ones. We are committed to helping all companies manage this challenging situation for the long haul.

Mesh will always be a customer-first and customer-obsessed company. Some spend management platforms are rigid and only review terms quarterly; others change their fee or ‘fire’ customers overnight without any notification. Mesh is not one of those. Mesh is working hard for all businesses that need a long-term partner to support their financial operations, and we review each business case by case. 

If you are a Mesh customer, contact support@meshpayments.com with any questions. If you’re not currently a Mesh customer but also have questions for us, you can reach out immediately by filling out a simple form.

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Oded Zehavi, CEO and co-founder, Mesh Payments

Oded Zehavi is the co-founder and CEO of finance automation platform Mesh Payments. Previously, Oded served as Payoneer’s Chief Revenue Officer, and led the launch of PayPal Middle East and Africa. He has extensive experience in leadership roles at various technology, banking, and software companies, and serves as a board member or advisor to several fintech companies.