Amid the current Silicon Valley Bank crisis, Freshworks on Monday said that its exposure to the same is quite minimal. The company has been working with SVB since its early days, however, majority of its cash and securities is not held by the bank.
“We use SVB and several other banks for normal operations (receiving customer payments, processing payroll and payments to our vendors). Our exposure to the current SVB situation is minimal relative to our overall balance sheet,” Freshworks said in one of the statement. They further mentioned that they are helping its vendors and customers who were using SVB account to transfer to alternate international bank or neobank accounts.
The company even confirmed its stakeholders that it does not anticipate any sort of interruption to its customers!