A Note From Bamboo’s CEO, John Chu
To Our Valued Customers, Agents, and Business Partners:
Given the recent failure of Silicon Valley Bank (SVB), we suspect many of you may have questions as to the financial health of your partners, such as Bamboo. We want to take a minute and ensure you Bamboo is financially sound.
- We have no direct exposure to SVB: We are fortunate that we have no banking relationships with SVB of any type. We continue to monitor the rapidly evolving situation closely as we are aware of 6 vendors / partners who have a banking relationship with SVB. We have been in contact with these vendors and do not expect any service interruptions at this point in time.
- We have diverse banking relationships: Bamboo has relationships with multiple banking partners. We have our operating capital spread across these institutions. This ensures continuity of operations should such a failure impact Bamboo directly in the future.
- We use trust accounts: As a distribution oriented business, the vast majority of funds held by Bamboo at any point in time are in trust accounts, on behalf of our customers. By definition, trust accounts provide additional safeguards in the event of a bank failure above the $250 thousand FDIC insured limit.
Should you have any questions please reach out to myself or your primary contact person at Bamboo. We look forward to working with each of you over the coming days, weeks, and months ahead.
All the best,