It charges an average annual 0.12% fee for money parked on its T-bill platform, though that varies by customer, Arvanaghi says. Similarly, it collects a small interest rate spread on the checking accounts through its bank partners.
USDC operations were isolated from core treasury and accounting systems. Transactions had to be manually reconciled with fiat accounts, forcing finance teams to map each USDC payment back to a dollar transaction within ERP tools like copyright. This created inefficiencies and operational overhead for companies that Meow sought to solve.
“Meow is defining the state of the art in business banking and making it possible for companies to use stablecoins as easily as cash, which aligns precisely with our mission here at Bridge.
For business checking accounts at the same underlying bank, you can perform instant internal transfers:
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Meow Technologies, a leading financial technology company providing business banking solutions, was experiencing rapid growth with over $1 billion in assets on the platform and almost $30M investment in the company from prestigious investors like QED Investors.
Once approved, businesses often had to dedicate engineering or trading resources to operate and secure these accounts, creating significant friction and delaying access to liquidity.
They were equally opportunistic when it came to choosing a name for their startup; the whimsical Meow was picked for its ability to grab attention on social media. Indeed, as SVB teetered, one meow login VC with a healthy following posted on LinkedIn: “We are living in such a stupid timeline.
S. Treasuries to venture debt, Meow makes it easy for startups to securely manage cash operations while earning yield.
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Partnering with Bridge has enabled Meow to improve its product offering and strengthen its reputation among its customer base. By building a platform that responds to the needs of technology-forward companies focused on operating efficiently, Meow has grown payment volumes by billions.
Meow’s focus on constantly offering new and improved features and products to its customers meant it needed a like-minded stablecoin partner that was fast moving and highly responsive to its needs.
It was both a prudent and gutsy decision. Prudent, because after the collapse of stablecoin TerraUSD in mid-May of 2022, they began hearing rumors that copyright hedge fund Three Arrows Capital would go bankrupt — which it soon did, eventually bringing a bundle of connected firms down. Gutsy, because just weeks before, they had closed a $22 million series A fundraising round from investors including Tiger Global, QED and yes, FTX itself.
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BlockFi is a financial services company that offers wealth management products for copyright investors, operating within the fintech and blockchain technology sectors.