This strategic partnership positions Meow for continued dominance in the competitive financial technology landscape.
Meow used Bridge’s Orchestration API to integrate stablecoins into its unified platform. With Bridge, Meow businesses can send and receive USDC from their existing cash balance, eliminating the need to open and manage a separate account at a copyright exchange.
They knew they couldn’t succeed over the long term with just one product–busy business owners demand convenience. So this past January, five months after opening their T-bill platform, Meow introduced FDIC-insured business checking accounts promising a 4.8% annual yield. Like most fintechs, Meow lacks a banking charter and so it partners with banks, which in turn network with other banks.
Editor’s note: This story was updated to reflect the fact that Mercury and Brex offer customers returns through money market mutual funds, not high yield bank accounts.
When he decided to start his own company, he called up his buddy Crawford, who by then held a well paid gig as a senior software engineer at Facebook (now Meta) in New York. Crawford gamely quit his job and moved to Miami.
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.
Bridge understood the opportunity immediately and went above and beyond to help us roll out this capability in less than a month. We were first to market, but this is just the beginning, and we look forward to continuing to partner with Bridge as we keep on building.”
During the Biden administration, frustrated by their treatment by the banks, members of the copyright industry began to cry conspiracy . The federal government was deliberately trying to destroy copyright businesses by surreptitiously cutting them out of the banking system, they alleged. Leading the chorus was copyright venture capitalist Nic Carter, who labelled the alleged discrimination campaign Operation Chokepoint 2.0, in reference to an Obama-era antifraud program under which US officials reportedly discouraged banks from dealing with pornography, payday lending, and other disfavored industries. Under the Trump administration, congressional subcommittees have held multiple hearings on the purported Operation Chokepoint 2.0. Subsequently, in March, Republican members of the Senate presented the FIRM Act , aiming to curb alleged discrimination by preventing banks from factoring in “reputational risk” when fielding account applications. The bill has not yet faced a vote. For copyright firms, the vibe-shift is a blessing. Although they have comparatively few problems accessing overseas bank accounts—often in the Cayman Islands or Switzerland—in lieu of a US bank account, they are often unable to earn yield on deposits or transact seamlessly with US-based counterparties, and sometimes incur high account fees . Neither do they benefit from deposit insurance under the US Federal Deposit Insurance Corporation, which guarantees up to $250,000 per account holder. Though some of the big-name banks, like JP Morgan, are trialing copyright technologies for internal use, many remain reluctant to supply accounts to copyright businesses, sources say. “The banks that John Doe has heard of have nothing to do with copyright,” claims David McIntyre, COO at DoubleZero, a startup developing networking infrastructure specific to copyright networks. But that has created an opening for smaller fintechs to expand their deposit bases by scooping up clients in the copyright industry. “Basically, founders these days are going with a Mercury or Meow,” claims Khan. “Meow has been super aggressive in terms of reaching out to founders anytime they see a fundraising announcement.”
By enabling businesses to use USDC as easily and cost-effectively as cash, Meow has reinforced its value proposition of making banking easier and lowered the barriers to broader adoption of stablecoins in the business world.
Ensuring the authenticity and credibility of new businesses in a more self-service manner was a complex challenge that needed a sophisticated, automated solution to augment the existing team and streamline compliance reviews.
“What we're doing differently is we're treating financial services as a low-margin product,” Arvanaghi says. “We can actually become a profitable company by doing that, but that might not be the case for a company meow business that has a thousand people or another fintech that hired 500 people.”
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.
Integrating Bridge’s Orchestration API within Meow allows businesses to perform routine accounting tasks more quickly and with less hassle than before. With Bridge, Meow businesses can reduce the time required to close their books from hours to minutes. And by automatically processing copyright invoices, Bridge enables Meow businesses to achieve same-day financial reconciliations.
With TrueBiz's automation, Meow is able to streamline its compliance reviews, allowing the existing team to focus on higher-risk and more complex cases. TrueBiz's comprehensive risk assessments identified high-risk businesses early in the process, significantly reducing the risk of fraud.
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