Financial automation software provider Bill (formerly Bill.com) announced that, in light of the recent collapse of Silicon Valley Bank, that the company would expand its services for those who have been affected.
The San Jose, California-based company is offering expanded services to Bill customers who also happen to have been SVB customers. This includes access to the Bill balance solution, which allows users to store and move funds to speed up vendor payments; pre-approval for a line of credit with a new or existing Divvy corporate card; and the ability to connect their SVB debit card to a Bill Pay By Card, allowing people to access their funds immediately. Bill said it will reimburse all pay-by-card transaction fees made with a customer's SVB debit card for the next 30 days, beginning March 14.
"Bill has, and always will, stand by our customers," said Bill CEO René Lacerte in a statement. "That's what being a champion of SMBs is all about. For over 16 years, we've built a platform that enables customers to automate their financial operations with agility. Last week, we quickly guaranteed all transactions processed by Bill through SVB would be processed successfully before we had guidance from the government. We've worked tirelessly since our
The Federal Deposit Insurance Corporation stepped in on Friday to take over SVB when it was on the verge of collapsing after a run on the bank by worried depositors. While the FDIC normally insures deposits up to $250,000 per depositor, many companies had accounts with SVB with far more money. However, on Monday, President Biden announced that customers of SVB and Signature Bank, another failed bank taken over by the FDIC, would have full access to their deposits.
Recognizing that one may not necessarily had to have been impacted by the SVB collapse to be interested in Bill's platform, the company also announced it is offering a new three-month free trial for any business looking to explore the situation further.
"What I'm hearing from SMBs impacted by the current situation is that they're focused on keeping their business running, accessing their cash, and increasing visibility," Lacerte stated. "Our platform was designed to enable financial automation and control, and we are bringing the best of our capabilities together for SMBs in this important time of need."
