You may have seen that Etsy was included in some of the recent headlines related to Silicon Valley Bank, so I wanted to take a moment to explain what happened. Until last week, Etsy used Silicon Valley Bank to issue payments to some of our sellers. When the bank unexpectedly collapsed on Friday, we were unable to issue the payments scheduled for that day. While Etsy had plenty of funds in other accounts, we needed to re-engineer our processes to be able to actually send out these deposits through another payments partner. Our teams sprung to work to resolve the issue as soon as possible, while communicating directly with impacted sellers about the delay.

The result was that a small portion (~0.5%) of our active sellers had their payments delayed by one business day, and, on Monday, we started processing payments on a normal schedule. While the number of impacted sellers was relatively small, we take any disruption to our seller community very seriously. We know you depend on us to get paid on time so that you can pay your bills, run your business, or buy a birthday gift for a loved one. This is why our teams worked around the clock to implement an alternate solution. And it’s why we continue to invest in our infrastructure and payments platform to help ensure you are able to seamlessly transact on Etsy.

Thank you again for continuing to trust us with your business. We know that trust is earned, and we are committed to doing all we can to provide you – and our entire Etsy community – a safe, reliable, and joyful experience.