March 11, 2023
To our stakeholders and community,
I am writing to inform you that our business and vendors have been impacted by the recent collapse of one of our partner banks.
We understand that this news may create a level of uncertainty for our stakeholders, and we want to reassure you that we are taking steps to minimize the impact of this event. We have moved payment and banking rails and our system is fully online and our payment operations remain stable.
We want to assure you that we have multiple banking partners, and our exposure to the collapsed bank is limited. As you know, Deposits believes the future of financial services has many voices, not fewer. We will continue to march ahead on our mission to transform the value chain and make financial services better for everyone.
Our team is actively seeking alternative banking and funding arrangements for our customers and parners to ensure that our business operations and growth are not further impacted.
We will continue to monitor the situation closely and keep you updated on any new developments. We are committed to transparency and keeping our stakeholders informed every step of the way.
To our amazing team. Thank you.– Managing change is everyones job– and I want to express my gratitude and commitment to the team I am so honored to lead.
As we chart forward, we will cling to our priciples and double down on our strengths. We will execute decisevly with speed and precision. We will be intentional. We will solve real problems. We will control what we can control. We will harness the strength of our community. We will help our partners drive growth, save money, and reduce risk.
We understand that this news may be unsettling, but we remain confident in our ability to navigate this situation and emerge even stronger.
We thank you for your continued support and trust in Deposits.
Please do not hesitate to reach out to us if you have any questions or concerns.
Sincerely,
Joseph Akintolayo
Founder, CEO | Deposits, Inc
