The recent failure of Silicon Valley Bank impacted at least two publicly held companies in the accounting space, payments company Bill and construction software business, Procore Technologies.Procore expects minimal impact with about 5 percent of the company’s total cash, cash equivalents, and marketable securities. It has another $5.9 million in largely unsecured letters of credit of about $5.9 million to secure various leased offices in the United States and Australia. Procore noted regulators expected depositors would have access to all their money on March 13. Bill was more uncertain. Its deposits of approximately $300 million at SVB were largely uninsured, but the company expects to recover a “significant: portion of that. Bill also has about $370 million in money held in trust for customers at the failed bank. The companies noted the FDIC said all checks issued through SVB will be honored. Up to $250,000 of each customers money is insured and “may be recoverable through FDIC’s pass-through insurance.” For uninsured funds, bill will used corporate cash to ensure pending payment transactions through SVB are processed successful.
