Recorded at the Newcomer Banking Summit on March 14, 2024 in San Francisco. Read about the event here: https://www.newcomer.co/p/newcomer-ba...

Thanks to our sponsors, Jiko (https://www.jiko.com) and BCV (https://baincapitalventures.com)

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Vanessa Wu of Rippling and Michael Tannenbaum of Brex both had all hands on deck the weekend of the SVB collapse, with Wu trying to figure out how to enable the company’s customers to pay their employees. A $130 million payroll was missed on that fateful Friday, and Rippling ended up filling the gap itself temporarily—and then raised $500 million from its investors over the weekend.

For Tannenbaum, the crisis at SVB became a business opportunity for Brex. He chose to miss a planned ski trip, instead onboarding countless clients and troubleshooting while he sat in an airport parking lot for hours.