DNSFilter Update on Bank Closures (We’re Fine)

by Ken Carnesi on Mar 13, 2023 12:00:00 AM

As CEO and co-founder of DNSFilter, I am sharing this to alleviate any questions you may have about how DNSFilter Inc. may have been affected by the recent events around SVB, Signature Bank, or any other currently troubled financial institution.

To be clear, the short answer is DNSFilter's ability to deliver our services and fulfill all financial obligations are wholly unaffected by the failures of Silicon Valley Bank (SVB) and Signature Bank.

A more detailed answer is that not only was DNSFilter wholly unaffected by the failure of either bank, but myself and the rest of the Executive and Finance teams here at DNSFilter worked diligently throughout last week and over the weekend to implement a strict set of financial procedures in order to diversify our funds across multiple financial institutions. All of DNSFilter's cash is now 100% FDIC insured through a complex network of sweep accounts. We have even taken the step to ensure that any of the banks facing hardship or potential hardship are excluded from said network.

In addition, to protect our employees from ever even having to think about this, we have separately placed several months worth of payroll into a sweep network as well as in escrow.

I am very proud of the work our team has put in to ensure DNSFilter remains unaffected by this or any other future financial crisis. The great work the team has done in the past week has additionally guided/assisted dozens of other startups navigating this tumultuous time.

Topics: Featured

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