LendingClub in San Francisco is among the companies that have disclosed having deposit accounts at Silicon Valley Bank at the time it was taken over by regulators.
The $8 billion-asset LendingClub disclosed in a regulatory filing that its relationship with SVB on Friday was limited to $21 million of funds on deposit. LendingClub said the amount “is not material to the company’s liquidity position or capital levels and does not pose a risk to … ongoing business or operations.”
Other companies outside of the financial services industry have also been impacted.
Unity Software, a San Francisco technology company, said that less than 5% of its cash and cash equivalents were with SVB, not including any FDIC-insured amount. Unity said it expects “minimal impact” on its operations.
Wrapbook, a startup that processes payroll for TV and movie productions, said it will postpone payments to entertainment industry employees because a percentage of its cash was at SVB. Roku disclosed that more than a quarter of its cash was at the bank, though it has enough liquid assets to operate for at least another year.