Quick recommendations & support for app businesses who were SVB customers
If you were an SVB customer, you need to change your designated app store and ad network payout accounts immediately. Keep in mind this doesn’t fully solve the problem for Apple payouts. Typically, Apple payouts for a given fiscal month are sent to the account bank that was on file during that month. In other words, February earnings, due to be paid on April 6, 2023, would normally be paid out to whichever bank account you had on file w/ Apple in February.
The app community must mobilize to get assurances from Apple that it will override its internal logic for any developers who had an SVB account set as their payout account. *this is 100% possible, we’ve seen Apple do this very recently for a top-earning app in our portfolio.
We are currently reaching out to our Apple connections, but the message needs to be spread far and wide to get Apple’s attention. We at Braavo are happy to represent the community, but it would be more effective if the major app brands in the market also got involved to take action.
In the meantime, if you need immediate access to capital, Braavo can help! We can provide funding against your app store receivables within 24 hours of application approval. Please follow this link to set up an account and submit an application, which we’ll fast-track for SVB customers.