Categories Tech News
Etsy is delaying seller payouts following Silicon Valley Bank’s collapse
March 12, 2023
Etsy says some sellers won’t receive their payments on time due to the sudden collapse of Silicon Valley Bank. In an email sent out to impacted shop owners, the company says it used the shuttered institution to send out deposits to “some sellers” and that they may not get their scheduled payments as a result, leaving shop owners worried about the future of their stores.
Etsy started notifying sellers about the potential delays on Friday, the same day the Federal Deposit Insurance Corporation and California regulators shut down Silicon Valley Bank. The bank served as a staple in the venture capital and startup industries, with companies like Etsy, Roku, and Roblox having funds tied up in the institution. The FDIC auction for the Silicon…