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It is still unclear if the company will be able to recover some funds. It also said that the majority of its corporate cash and processed payments is held with numerous large, multinational financial institutions.
In addition, ~$370M of $3.3B cash held in trust on behalf of clients is also held at SVB, which was shut down by regulators on Friday.
“Regardless of the amount of funds recovered from SVB and FDIC, the Company strongly believes that its existing cash, cash equivalents and cash flow from operations are sufficient to meet its working capital, capital expenditures, and material cash requirements from known contractual obligations,” the company said on Saturday.
By Senad Karaahmetovic
