Put your idle cash to work
🦄 Unicorner Startup of the Week: Meow
✍️ Notes from the Editors
Welcome to the 34 new readers who joined us last week! We’re excited to have you here, and even more excited to share some incredible companies with you.
We have another amazing fintech company for you this week! Today’s article on Meow is guest written by Fahim Sachedina, author of the Living In Beta Newsletter, a weekly newsletter on business strategy, technology, and web3. Be sure to check out his newsletter, and feel free to reach out to him on LinkedIn!
Thanks to all who came to our first coffee hour in Westwood this weekend. If you missed this one, don’t fret: we’re hoping to make these casual meetups a regular occurrence, hosted by readers and writers.
Where should we host our next coffee hour?
Hosting our first Unicorner coffee hour near UCLA at @moccoffee Westwood ☕️
Good vibes, good people. We’re here until 1 if you’d like to drop by. 📍🦄
— Arek Der-Sarkissian 🦄 (@areksds)
Apr 22, 2023
Put your idle cash to work
Meow helps companies put their company cash to work, by earning an extra yield from offering access to US treasuries and high-yield business checking accounts. Meow wants to be the “Costco for Financial Services” by providing the most valuable solution it can at the lowest possible cost to the customer. Meow currently offers 4.31% interest on its high-interest checking account for customers.
🔗 Check it out: meow.co
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💰 Business Model
Meow takes a percentage cut from the interest received on a company’s deposited funds.
📈 Traction and Fundraising
Raised $22 million Series A round with investors like QED Investors, Tiger Global Management, and Coinbase Ventures
$1 billion in assets with hundreds of customers including Aleo, Braintrust, and Circle
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🔮 Our Analysis
The financial services industry is filled with sneaky fees, small fine print, and ambiguous offers. The legacy bank model has banks take their customers’ checking account funds and loan this out to earn interest. With inflation hovering at approximately 10%, government interest rates rising (while banks decide to keep interest rates low on checking accounts), and confidence at traditional banks at an all-time low, many companies are looking for alternatives to store their funds. After all, companies need liquid funds to pay vendors and their employees.
Meow offers a solution for companies, allowing them to deposit their funds and earn up to around 5% on U.S. Treasury Bills and up to 4.31% on a high-interest checking account eligible for FDIC insurance. By offering a comprehensive suite of treasury management and payment products, Meow hopes to be the one-stop shop for treasury management and corporate finance.
📚 Further Reading
Written by Fahim Sachedina
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