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SaaS firm Freshworks says exposure to Silicon Valley Bank minimal

Chennai-based company says 'vast majority' of its finances not held at failed US lender

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2 min read Last Updated : Mar 13 2023 | 12:02 PM IST

Business software firm Freshworks said on Monday its exposure to Silicon Valley Bank (SVB), the failed American lender, is minimal and it didn’t see "any disruption".

“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,” said Chennai-based Freshworks in a statement. “The vast majority of our cash and marketable securities today is not held at SVB.”

Freshworks worked with Silicon Valley Bank in its early phase as a start-up, but brought in larger, diversified

Topics : SaaS Freshworks Silicon Valley Banks Startup Companies

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