There's other ways to make this work -- FDIC insurance is per-bank so you can spread your deposits across distinct banks to be covered in the low-to-mid-million

There's other ways to make this work -- FDIC insurance is per-bank so you can spread your deposits across distinct banks to be covered in the low-to-mid-millions. If you have >$5m and you haven't done due diligence on this, I'd call that a failure on the part of the company (or its advisors, like the accelerator they're a part of).