Payoneer exposure to Silicon Valley Bank?

samicaracand
samicaracand Member Posts: 2 ✭
in Read Before Posting
You probably heard about SVB shutting down and therefore impacting their depositors in the startup and VC community. Like other startups, we're trying to assess our exposure to this unfortunate event.

1. Does Payoneer bank with SVB or is Payoneer exposed directly or indirectly to SVB's fallout?
2. Will Payoneer payouts be impacted by the SVB fallout?

Thank you for clarifying.

Sami Caracand

Answers

  • Kiara_Payoneer
    Kiara_Payoneer Administrator, Moderator, VIP Member Posts: 593 ✭✭✭✭✭✭

    Hi @samicaracand ,

    Your question is completely valid, let me give you some information about this situation regarding Payoneer.

    The shutdown of Silicon Valley Bank by US regulators has no impact on Payoneer customers or partners. Payoneer customer funds are 100% guaranteed by us—available and accessible, not at risk from the shutdown of Silicon Valley Bank.

    The company's exposure is very minimal, customer funds are not at risk and there is no impact on our operations. The company keeps the vast majority of funds, including customer funds, at Global Systemically Important Banks (GSIBs). Given the company’s strong financial position, and our high standards and vigilance related to risk, we’re more than prepared for incidents like this.

    Payoneer customer funds remain fully available and accessible via our platform as normal.

    If you have any further questions, feel free to reach out to us!

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