M1 is closely following the situation with Silicon Valley Bank and Signature Bank.
Our clients’ funds are safe. M1 has no exposure to SVB or Signature Bank—that means we have no business relationship with either bank. We don’t keep funds with them, and we don’t process transactions through them.
As we shared on Friday, we feel for our industry friends who have been affected by the closures. We’re pleased that federal regulators are stepping in to make those depositors whole.