Etsy sent out an email Friday to its sellers informing them of the transaction freeze, and some have complained that they cannot do anything until Monday morning.
The bank held a reputation as a go-to for a number of Silicon Valley industries and startups. Y Combinator, an incubator startup that launched Airbnb, DoorDash and DropBox, regularly referred entrepreneurs to them.
SVB's collapse was so quick that, hours before its closure, some industry analysts were hopeful that the bank was still a good investment. The bank’s shares had fallen 60% on Friday morning after a similar drop the day before. Anxious depositors rushed to withdraw their money over concern for the bank’s health, causing its collapse, which may serve as "an extinction-level event for startups," according to Y Combinator CEO Garry Tan.
SILICON VALLEY BANK TOUTS FORBES ‘BEST BANK’ NOD DAYS BEFORE BECOMING BIGGEST FAILURE SINCE GREAT RECESSION Etsy reached out to sellers on Friday to let them know that their payments were frozen because they relied on the bank for some of its accounts, saying only that there would be "a delay" with deposits.
"We are working with our other payment partners to issue your deposit as soon as possible," Etsy said. The total number of affected sellers remains unknown, but those who have been impacted have taken to social media to tell their stories.
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