Employer-of-record provider Rippling was impacted by the sudden closure of Silicon Valley Bank; however, the firm announced in a March 17 blog post that it received a $500 million series E funding round. Putting the round together took less than three days and took place after the SVB collapse, according to the post. It also noted that it has moved its banking operations to JPMorgan Chase.

The shuttered SVB is now being sold by the FDIC to a North Carolina-based bank.

However, Rippling CEO Parker Conrad in the post recounted the day when SVB collapsed, saying he was woken up at 5:30 a.m. on Friday, March 10, by a telephone call saying some clients’ employees had seen their payments arrive. At 9 a.m., the news arrived that the FDIC had closed SVB and frozen its assets.

“We understood the gravity of the situation: Over 50,000 employees were in Friday’s pay run,” Conrad wrote. “Although it was ‘Silicon Valley’ Bank that failed, the prospective victims here were not rich venture capitalists. They were everyday Americans from across the country, making an average of roughly $55,000 per year. 80% worked outside of California, and 65% worked outside of tech.”

Rippling decided to extend nearly $130 million of its own capital to fund customers’ payments to employees, but Rippling had used SVB’s software infrastructure to issue billions of dollars in payments each month.

Conrad wrote that Rippling did have accounts with JPMorgan Chase as a redundant payments infrastructure, and it began transitioning to that on Friday after the SVB difficulties. However, JPMorgan Chase’s deadline for same-day payments was 12:30 p.m., leaving Rippling with three and a half hours to get things done.

“Immediately, 15 of the top engineers at Rippling set to work generating a payment file we could submit to JPMC by their cutoff,” Conrad wrote. “It’s hard to rush something this important: It has to be perfect. As the 12:30 deadline neared, our CFO even negotiated extra time with JPMorgan. In the end, the files were processed, and employees saw payments start arriving immediately. Most employees were paid on time on Friday, and the rest were paid first thing Monday morning.”

Conrad noted that customers’ money was still locked up at SVB. And while Rippling had a number of sources of capital, raising a funding round was its best option. Conrad wrote the company contacted Greenoaks Capital Partners LLC and was able to close the funding round in three days.

The $500 million funding round values Rippling at $11.25 billion.

Separately, the Federal Deposit Insurance Corp. announced this past Sunday that it entered into an agreement with First-Citizens Bank and Trust Co. of Raleigh, North Carolina, to purchase SVB. The 17 former branches of SVB were set to open today as First-Citizens branches.