SVB Failure & Banking with Instructure
Many of you have likely read about the failure of Silicon Valley Bank (SVB) over this past weekend. This has had a large impact throughout the tech industry, so some of our customers understandably have expressed concern
So, how does this affect Instructure customers? Instructure utilizes several banking institutions worldwide. Until its recent failure, SVB was one of the banks we worked with to support our US-based customers. We are quickly pivoting to new banking solutions. While we expect minimal disruption for our customers, we ask for your patience and support in the coming days.
For US-based customers, you should have received an email earlier this week with new routing information for payments. (If you have not received this, please reach out to your CSM). These instructions include details for both wireless routing and paper check remittance. Rest assured, your payments will get to us, but we do ask that you update these details as soon as possible.
For customers outside of the US, this change does not affect you.
If you have any questions, do not hesitate to reach out to your CSM and we will get them answered as quickly as we can.
Dale Bowen, CFO
Melissa Loble, Chief Customer Experience Officer