Global payroll provider Deel plans to provide $120 million of its own cash off its balance sheet to support startups’ payroll operations in the wake of Silicon Valley Bank shutting down. It has teamed up with Andreessen Horowitz (a16z) and Y Combinator – both of which are investors in Deel – to offer the support to customers.
The Federal Reserve just announced that Silicon Valley Bank depositors, both insured and uninsured, will be fully protected – which led to collective relief throughout the tech ecosystem. Depositors were made whole as TechCrunch was interviewing Deel co-founder and CEO Alex Bouaziz, whose first reaction to the news was that: “We’ll see what happens, you can never be fully certain. But in the meanti …
