Mayfair Cash account launches with 4.02% APY and automated financial management
The company collects total 14 million dollars from Tiger Global and Amity Ventures
SAN FRANCISCO, 19 January 2023 /PRNewswire/ — Mayfair, a new fintech startup backed by Tiger Global and Amity Ventures, is helping companies put every last spare dollar to work. Clients avoid the price and liquidity risks of financial products typically marketed to businesses and can take advantage of automated cash management to earn 4.02% APY.
Mayfair was founded by serial entrepreneurs, Kent Mori, Daniel Chan, Kevin Chan and Munish Chopra in 2021. Their vision: a fintech platform that offered companies a way to safely earn more returns than the average business savings account, automatically and with instant liquidity.
Mayfair created the product together with Stripe and partner bank Evolve Bank & Trust. The partnerships gave Mayfair access to superior returns on deposits, end-to-end FDIC insurance for clients and the financial infrastructure needed to create interbank automations.
“As many companies struggle to cope with inflationary pressures, we are pleased to offer startups and established businesses industry-leading returns for all the cash they have in their bank accounts,” says Munish Chopra, COO of Mayfair. “As founders ourselves, the team recognized that companies want to avoid the typical trade-off between ROI, security and convenience. We designed the product to meet customer needs with the benefit of our own background and experience.”
“The Mayfair product is a no-brainer and I would recommend it to all my portfolio companies,” noted Patrick Yang, Founding General Partner of Amity Ventures. “In this environment, companies must do everything they can to extend runway, and they should all benefit from higher interest rates and Mayfair’s best-in-class automated treasury management.”
“Mayfair made it super easy to get 4% cash back in our bank account,” said Prince Ghosh, CEO of freight logistics startup Factored Quality. “This compares to the likes of Bank of America who offer 0.01-0.04%. When the markets started to crash and we wanted to expand our runway, it was the easiest way to reduce our burn rate and offset the cost of a full-time employee.“
The benefits Factored Quality realizes align with how Daniel ChanMayfair’s CEO envisions companies using the product: “For early stage startups that have raised a Seed or Series A, 4% a year in cash offsets the salaries of several full-time employees. For later-stage companies, it pays for an entire department. It’s a compelling case for companies of all sizes.”
“It’s simple math. We’d much rather generate a return on our cash than leave it sitting in a savings account for negligible return,” said Michael Otis, CEO of procurement service provider Procoto. “While pricing is important to us as a startup, the liquidity and security we get with Mayfair is even more critical. We actually came from a competitor and couldn’t be happier that we switched. Mayfair is the easiest way for us to should earn a little extra yield while still having the security of an FDIC-insured bank.”
To find out more about Mayfair, please visit www.getmayfair.com.
About Mayfair
The Mayfair product is an easy-to-use and secure platform for businesses to earn high returns on their money, without sacrificing the operational convenience of quick liquidity. In addition, the automated treasury management function significantly reduces the time owners and treasury teams need to spend on cash management.
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SOURCE Mayfair
