PEX Operating Normally During SVB and SBNY Disruption

PEX has not been impacted by the recent events surrounding Silicon Valley Bank (“SVB”) and Signature Bank (“SBNY”).  All customer assets are held by Fifth Third Bancorp (NASDAQ: FITB) and The Bancorp, Inc. (NASDAQ: TBBK).  PEX itself is well capitalized and unaffected.

While SVB and SBNY cater to many tech companies, PEX’s customers represent a diversified array of businesses from non-tech industries whose banks are unaffected by this specific situation. 

If you are a current PEX customer affected by SVB or SBNY, please contact Admin Support so we can discuss options.  To update bank accounts connected to PEX, we encourage you to link your new operating account to us via Plaid or to wire money into PEX to ensure the fastest access to your funds.

If you are a prospective customer looking for a new spend management platform – rest assured, the SVB and SBNY issue is not affecting PEX.  Please apply here.