Company payroll and spend management fintech Rippling has raised $500 million in a Series E financing round following the collapse of its primary banking partner Silicon Valley Bank (SVB). Following the Federal Deposit Insurance Corporation (FDIC) takeover of SVB on 10 March, Rippling extended $130 million of its own capital to fund customer payments to their employees.

The firm leveraged its backup payments infrastructure with JP Morgan Chase to ensure most customers’ employees received their pay that same day, with the remainder receiving their pay Monday morning. Nonetheless, Rippling CEO Parker Conrad says “$545 million of our customers’ money was still locked up at SVB”.

“We had a number of sources of capital but raising a funding round was our best option,” he adds. Turning to long-time investor Greenoaks, Rippling was able to raise $500 million by the following Monday morning. Despite the FDIC confirming all SVB deposits would be guaranteed, Rippling decided to go forward with the financing round.

“The round is at a good price that we believe reflects our performance, especially given the change in the fundraising backdrop over the last year,” Conrad says. The Series E values the firm at $11.25 billion, the same as the company’s Series D in May last year.

“Now, we’ve recovered all funds from SVB and our balance sheet holds just shy of $1 billion in cash,” Conrad adds. Founded in 2016, Rippling’s platform lets company’s manage their employees’ payroll, benefits and expenses in one place.