FINEOS Corporation (ASX:FCL) confirms receipt of US$1.6M from SVB

FINEOS Corporation (ASX:FCL) has confirmed the receipt of US$1,600,000 from Silicon Valley Bank.

The company says the payment eliminates any exposure to loss on funds held at SVB, which are now below the federal insured guarantee of US$250,000.

FINEOS provides customers full end-to-end core administration for group, voluntary and absence employee benefits across the global life, accident and health industry.

Following the announcement, shares of FINEOS Corporation were $1.14.