“Where should we bank? Where is it safe to bank?”
. Brex specializes in corporate credit cards; Meow, in letting people earn interest on government bonds, among other services. “We’ve been flooded with inbounds, and we’ve been working nonstop,” Meow CEO Brandon Arvanaghi told me in a telephone interview. These aren’t just startups or customers from SVB, though that was the initial wave, he says.
Some companies are putting capital in multiple banks as a way of hedging their bets. But that’s not exactly ideal, either. Banks tend to pay more attention to clients who keep a lot of money in their accounts, says Matt Cohen, a VC at Ripple Ventures in Toronto. Plus, it’s too hard to spread payroll across multiple accounts.
Kapur told me that he expects to see more caution in startups and more belt-tightening. Startups were already cutting costs in response to the weirdness that’s plagued the economy for the last year or so — it might make sense to expect companies to spend less money on marketing, among other things, until everyone knows what will actually happen.
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